Govt announces reduction in petrol, diesel prices for next fortnight
- Petrol price reduced by Re1 per litre to Rs256.13, while high-speed diesel (HSD) price cut by Rs4 per litre to Rs263.95
The government of Pakistan has announced a reduction in petrol and diesel prices for the next fortnight, effective from February 16, according to a notification issued by the Finance Division.
Petrol prices have been reduced by Re1 per litre to Rs256.13, while high-speed diesel (HSD) prices have been cut by Rs4 per litre to Rs263.95.
Additionally, kerosene oil prices have been lowered by Rs3.20 per litre to Rs171.65, and light diesel oil (LDO) prices have been reduced by Rs5.25 per litre to Rs155.81.
The Oil & Gas Regulatory Authority (OGRA) adjusted the prices in response to recent fluctuations in the international oil market.
The Finance Division stated that the changes reflect global trends, including the potential easing of supply disruptions due to ongoing peace talks between Russia and Ukraine.
In last two-week, Brent crude dropped 1.4 percent to $74.14 per barrel, and WTI tumbles by 1.5 percent to $70.33.
Market sentiment shifted from supply concerns to expectations of adequate supply, partly due to a slight rise in Russian crude production.
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