Islamabad: The federal government has announced a reduction in fuel prices for the next fortnight. According to a notification issued by the Finance Division, the price of petrol has been reduced by Re0.50 per litre, bringing it down to Rs255.63 from the previous Rs256.13.
The official notification stated that the new fuel prices will be effective from March 1.
Similarly, the price of high-speed diesel (HSD) has seen a significant reduction, dropping from Rs263.95 to Rs258.64 per litre, reflecting a decrease of Rs5.31 per litre.
The Oil & Gas Regulatory Authority (OGRA) conducted a review and adjusted consumer prices for petroleum products based on recent international market trends, as per the notification.
| Products | Existing price | New price | Increase/Decrease |
| Petrol | 256.13 | 255.63 | -0.50 |
| High-Speed Diesel | 263.95 | 258.64 | -5.31 |
| Kerosene Oil | 171.65 | 168.12 | -3.53 |
| Light Diesel Oil | 155.81 | 153.34 | -2.47 |
Petrol remains the primary fuel for private transportation, including small vehicles, rickshaws, and motorcycles. Given its widespread use, any fluctuation in price directly affects the middle and lower-middle class, which relies on petrol for daily commuting.
High-speed diesel, on the other hand, is widely used in heavy transportation, including trucks, buses, and agricultural machinery such as tractors and tube wells. Since its price influences the cost of transporting goods, any reduction in diesel rates can have a broader economic impact, potentially stabilizing inflation and food prices.
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The government’s move to lower fuel prices is expected to provide some relief to consumers, particularly those affected by rising inflation. However, the extent of its impact on overall economic conditions remains to be seen as global oil prices continue to fluctuate.
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