ISLAMABAD: The federal government is likely to announce another major reduction in petrol price, bringing relief to inflation-hit citizens across the country, ARY News reported.
Sources said the new weekly fuel prices will be finalised today, with the petrol price expected to decline for the third consecutive week. Officials indicated that a significant cut is being considered due to the continued decrease in global oil prices.
According to reports, the government may reduce the petrol ratee by Rs8 per litre, while high-speed diesel is likely to witness a major cut of up to Rs30 per litre.
The expected reduction comes amid a downward trend in international fuel markets, with authorities considering passing on the full benefit to consumers.
Sources further revealed that Prime Minister Shehbaz Sharif will take the final decision on revised fuel rates, while the Petroleum Division will formally announce the new prices.
The revised petrol price and diesel rates will remain effective for one week after the official notification is issued.
Currently, petrol rate stands at Rs403.78 per litre, while high-speed diesel is priced at Rs402.78 per litre.
With the expected Rs8 per litre cut, the new petrol price is likely to come down to Rs395.78, while diesel may drop to Rs372.78 after a possible Rs30 reduction.