The federal government has decreased the price of petrol by Rs40 and high-speed diesel (HSD) by Rs15 in line with fluctuations in global oil prices and appreciation of the rupee against the US dollar.
A finance ministry statement said: “Owing to the decreasing trend of petroleum prices in the international market and due to appreciation of Pak Rupee against the US$, the government has decided to revise the existing consumer prices of petroleum products.”
After the announcement, the price of petrol has been set at Rs283.38 per litre while HSD is now available at Rs303.18 per litre. The new prices are effective from midnight.
Read more: Petrol, diesel witness massive price hikes
Petrol is mainly used in motorbikes and cars and is an alternative to compressed natural gas (CNG), especially in Punjab, where locally produced gas is not available at CNG filling stations.
HSD is primarily used in agriculture and transport sectors and any reduction in its price may have a positive impact on inflation.
On October 1, the caretaker government had reduced the price of petrol by Rs8 — from Rs331.38 per litre to Rs323.38.
Also read: Petroleum crisis looms as prices soar globally
Similarly, the rate of HSD was decreased by Rs11 — from Rs329.18 per litre to Rs318.18.
The Pakistani rupee on Friday created history by maintaining its winning streak for 27 consecutive working days for the first time in three years.
It hit over a three-month high below Rs278 against the US dollar in the inter-bank market.
In the past 27 working days, the currency has cumulatively regained 10.62%, or Rs29.48, compared to the record low of Rs307.10/$ hit on September 5, 2023.