Govt Announces Big Decrease in Prices of Petrol and Diesel

The federal government announced a big decrease in the prices of petroleum products on Sunday. This is the fourth consecutive decline in as many fortnightly reviews. The price of petrol has been cut by Rs. 10 per liter to Rs. 249.10, while the price of high-speed diesel has been reduced by Rs. 13.06 per liter to Rs. 249.69. The new prices will be applicable from September 16. The reduction in the price of petroleum products is due to the continued reduction in oil prices in the international market. Over the past fortnight, international oil prices slid to below $70 per barrel. Meanwhile, the Pakistani Rupee remained at 278 against the US dollar. At the last fortnightly review of petroleum prices, the government cut the price of petrol by Rs. 1.86 per liter while the price of high-speed diesel was reduced by Rs. 3.32 per liter. Before today, petrol and diesel prices cumulatively dropped by Rs. 16.50 per liter and Rs. 20.88 per liter over the last three adjustments, respectively.