Petrol Price Cut by Rs 3.40, Diesel by Rs 7.76 in First Reduction Since October

The federal government has announced a reduction in the prices of petrol and high-speed diesel (HSD) for the next 24 hours, according to the latest update issued by the Oil and Gas Regulatory Authority (OGRA). This marks the first price cut since October, offering some relief to consumers and businesses alike.

Under the new rates, the price of petrol (motor spirit) has been reduced by Rs 3.40 per litre to Rs 374.51 per litre. High-speed diesel has seen a larger decrease of Rs 7.76 per litre, bringing its price down to Rs 395.20 per litre. The revised prices took effect immediately and will remain in place for the 24-hour period specified by the regulator.

The reduction follows a period of sustained increases. In the previous update on Friday, petrol prices remained unchanged at Rs 377.91 per litre, while diesel became more expensive by Rs 2.29, reaching Rs 400.67 per litre. Since the introduction of daily fuel rate updates, petrol has risen by a cumulative Rs 63.8 per litre and diesel by Rs 71.9 per litre, underscoring the volatility in the pricing mechanism.

The daily pricing regime, managed by OGRA, reflects fluctuations in international oil markets and exchange rate movements. The latest cut is expected to slightly ease transportation and input costs for sectors dependent on fuel, though analysts note that the impact on overall inflation will depend on whether the decline is sustained in the coming days.

The government has been adjusting fuel prices frequently in response to global market conditions. Consumers will be watching whether the downward trend continues in the next review, as any sustained reduction could provide modest relief to households and industries grappling with high energy costs.