The federal government has announced a slight reduction in the prices of petroleum products, which will take effect from September 1, 2024. The decision, reported by ARY News on Saturday, brings minor relief to consumers as fuel prices continue to decline.

The price of petrol has been decreased by Rs 1.86 per litre, bringing the new rate to Rs 259.10. Meanwhile, high-speed diesel (HSD) has seen a reduction of Rs 3.32 per litre, setting its new price at Rs 262.75.

Kerosene oil will now be priced at Rs 169.62 per litre following a reduction of Rs 2.15, and light diesel oil (LDO) has dropped by Rs 2.97 per litre, with the new price set at Rs 154.05.

This marks the third consecutive reduction in petroleum product prices since July 31, reflecting the government’s ongoing response to the fluctuations in the international oil market. According to sources, the decrease is primarily driven by a significant drop in global crude oil prices. American crude oil has declined by 3.60% to $74.69 per barrel, while London Brent oil has decreased by 2.34%, also settling at $74.69 per barrel.

The government had been considering this reduction as part of efforts to pass on the benefits of lower international oil prices to the public. With this latest adjustment, consumers are expected to experience some relief at the pumps, though the overall impact remains modest.