On Saturday, the federal government announced a reduction in fuel prices, with the cost of petrol falling by Rs1.86 to Rs259.10 per litre, effective from midnight tonight. High-speed diesel (HSD) has also seen a price cut, dropping by Rs3.32 per litre to Rs262.75.

Similarly, the price of kerosene oil has been reduced from Rs171.77 to Rs169.62, reflecting a decrease of Rs2.15 per litre while light diesel oil has been lowered by Rs2.97 per litre, from Rs157.02 to Rs154.05.

This adjustment in fuel prices follows recent global trends, where crude oil prices have experienced a decline of $2 to $2.30 per barrel over the past two weeks.

Specifically, the average price of petrol has decreased from $82.50 to $80.40 per barrel, while HSD has dropped from $90.30 to $88 per barrel. Premium rates for petrol and HSD are currently $8.47 per litre and $5 per litre, respectively.

The latest reductions come after a previous decrease in petrol and HSD prices by Rs8.47 and Rs6.70 per litre, respectively, on Independence Day eve. The current adjustments reflect the ongoing fluctuations in global oil markets and are expected to offer some relief to Pakistani consumers.