By Staff Reporter
ISLAMABAD: The government on Saturday reduced petrol and diesel prices by 1.2 percent and 1.3 percent respectively, or Rs1.86 and Rs3.23 per litre, effective September 1, marking the third consecutive decrease since July 30.
The new prices, effective Sept. 1, are Rs259.1 per litre for petrol and Rs262.75 per litre for high-speed diesel (HSD), according to a statement. Kerosene oil and light diesel oil prices were also cut by 2.15 rupees and 2.97 rupees per litre, respectively.
The reductions follow a decline in international market prices, with petrol and HSD dropping by $2 to $2.30 per barrel in the last fortnight.
This reduction brings the total decrease in petrol prices to Rs16.5 per litre since July 30.
The government has increased the maximum limit of petroleum levy to Rs70 per litre to collect Rs1.28 trillion in the current fiscal year.
The fuel price cuts are expected to provide relief to inflation-hit middle and lower-middle-class consumers, who primarily use petrol for commuting. Nevertheless, HSD prices, which impact the transport sector and contribute to food inflation, remain a concern.
In a separate development, the price of LPG increased by Rs6.99 per kg, resulting in a rise of Rs82.54 for a standard domestic cylinder of 11.8 kg, according to the Oil and Gas Regulatory Authority (OGRA).
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