KARACHI: The government has announced a slight reduction in the prices of petroleum products, set to take effect on September 1, 2024, according to ARY News on Saturday.
The price of petrol will decrease by Rs 1.86 per litre, bringing it down to Rs 259.10 per litre. High-speed diesel will see a more significant reduction of Rs 3.32 per litre, with the new price set at Rs 262.75 per litre.
Kerosene oil will now cost Rs 169.62 per litre after a reduction of Rs 2.15. Additionally, light diesel oil will drop by Rs 2.97 per litre, making the new price Rs 154.05 per litre.
This marks the third consecutive decrease in petroleum product prices since July 31, as the federal government had been considering another reduction. The proposal suggested reducing petrol by Rs 2.97 per litre, high-speed diesel by Rs 2.31 per litre, kerosene oil by Rs 1.39 per litre, and light diesel by Rs 1.96 per litre.
The proposed reduction is attributed to a drop in international oil prices. Over the past two weeks, American crude oil has decreased by 3.60%, now priced at $74.69 per barrel, while London Brent oil has seen a 2.34% decrease, also at $74.69 per barrel.