Islamabad: In response to changes in the international market, the Government of Pakistan has announced a decrease in the prices of petrol and diesel effective from August 14, 2024. The new pricing, revealed by the Oil and Gas Regulatory Authority (OGRA), reflects a significant reduction in costs, offering some relief to consumers amid ongoing economic pressures.

According to Ministry of Finance announcement issued on 13 August 2024, the price of Motor Spirit (petrol) has been reduced by Rs. 8.47 per liter, bringing it down to Rs. 260.96. High-Speed Diesel (HSD) sees a decrease of Rs. 6.70 per liter, setting the new price at Rs. 266.07. These adjustments come as part of the government’s bi-weekly review of fuel prices, which aims to align domestic rates with international market trends and maintain economic stability.

The move is expected to impact various sectors by potentially lowering transportation and production costs, which could in turn influence the overall inflationary trend in the country. Consumers and businesses alike are keen to see how these reductions will translate into savings and economic adjustments in the broader Pakistani market.