The federal government on Thursday night slashed the price of petrol by Rs7.54 per litre while raising that of high-speed diesel (HSD) by Rs1.48 per litre for the next fortnight.

Widely used in motorcycles, rickshaws, and private vehicles, petrol has a direct impact on the budgets of middle- and lower-income households. HSD fuels heavy transport, agricultural machinery, and trains. Its price is considered highly inflationary, influencing the cost of food and other essential goods.

In a press release issued today, the Finance Division stated that the price of petrol was set at Rs264.61 per litre and that of HSD at Rs285.83 per litre.

It added that it decided on these new rates “following a review of prevailing international market trends” and upon the recommendations from the Oil and Gas Regulatory Authority (Ogra) and the relevant ministries.

Sources had previously said that after four consecutive hikes, petrol and diesel prices were expected to fall by about Rs9 and Rs3.50 per litre, owing to lower international oil prices and........

© Dawn Business