ISLAMABAD: The government has reduced petroleum prices, offering some relief to consumers nationwide on Sunday. According to sources, the price of petrol has been reduced by Rs 10 per litre, while diesel has been cut by Rs 13.6 per litre.

Additionally, light diesel prices have dropped by Rs 12 per litre, and kerosene prices have decreased by Rs 11 to Rs 15 per litre.

These reductions follow Prime Minister Shehbaz Sharif’s approval of the revised prices, aiming to ease the public’s burden amid rising inflation. The price cuts come as global oil prices have fallen significantly by 8.5%, dropping from USD 79.39 per barrel on August 30, 2024, to USD 72.67 per barrel, reflecting a notable shift in the global energy market.

The decrease in petrol prices is largely due to the Organization of the Petroleum Exporting Countries (OPEC) lowering its global oil demand forecast, leading to reduced demand and a subsequent drop in prices.

Over the past three adjustments, petrol prices have dropped by PKR 16.50 per litre and diesel by PKR 20.88 per litre.

A fourth consecutive reduction in petrol prices is expected today, with petrol and diesel prices anticipated to decrease by PKR 13.12 per litre and PKR 14.39 per litre, respectively.