For the second time this month, the federal government announced a reduction in the prices of petroleum products on Saturday.
The price of petrol has been cut by Rs. 1.86 per liter to Rs. 259.1, while the price of high-speed diesel has been reduced by Rs. 3.32 per liter to Rs. 262.75. The new prices will be applicable from September 1.
The reduction in the price of petroleum products is due to the continued reduction in oil prices in the international market.
Over the past fortnight, the import premium on petrol decreased by approximately 50 cents per barrel to $8.50. Meanwhile, the premium on HSD was steady at $5 per barrel.
The Pakistani Rupee remained at 278 against the US dollar.
It is pertinent to mention here that at the last fortnightly review of petroleum prices, the government cut the price of petrol by Rs. 8.47 per liter while the price of high-speed diesel was reduced by Rs. 6.7 per liter.