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ISLAMABAD: The federal government on Sunday slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs10 and Rs13.06, respectively.
In a notification, the finance ministry said the prices of petroleum products had seen a mixed trend in the international market in the last fortnight. It said Ogra had worked out the consumer prices based on the international market price variations.
It said the new petrol price was Rs245.03 per litre and that of HSD was Rs249.1.
The masses are set to have some relief in petrol prices as international oil prices have significantly dropped by 8.5%, plummeting from USD 79.39 per barrel on August 30, 2024, to USD 72.67 per barrel. This development marks a notable shift in the global energy markets.
This decline in petrol prices is largely attributed to the Organization of the Petroleum Exporting Countries (OPEC) revising its global oil demand forecast, leading to reduced demand and subsequent price drops, said Tahir Abbas Head of Research AHL.
Expected Petrol Rates in Pakistan From Sept 16
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