The federal government announced a significant reduction in fuel prices on Sunday, lowering the price of petrol by Rs10 per litre and diesel by Rs13.6 per litre, effective from midnight on Monday. Additionally, the price of light diesel has been reduced by Rs12.12 per litre.

The move follows a submission by the Oil and Gas Regulatory Authority (Ogra) to the prime minister, recommending a cut in fuel prices, anticipating a notable decrease due to falling international crude oil prices. From September 1 to September 14, international crude oil prices dropped by Rs8 to Rs12 per barrel, with the global price per barrel falling to approximately $70, marking the lowest level in six months.

In response to this decline, Ogra, in consultation with the petroleum ministry, proposed a reduction in fuel prices. The finance ministry was presented with a recommendation for a price cut ranging from Rs6 to Rs10, which the government has now implemented in a bid to provide relief to consumers.

This drop in fuel prices is expected to offer significant economic relief to consumers across the country, as fuel costs play a pivotal role in the pricing of goods and transportation services.