In a welcomed relief for consumers, the federal government has announced a significant reduction in the prices of petroleum products, effective from September 16. This marks the fourth consecutive fortnightly review to see a decrease in prices.

Petrol will now cost Rs. 249.10 per liter, down by Rs. 10 from the previous rate of Rs. 259.10. High-speed diesel sees an even more substantial cut, dropping by Rs. 13.06 to Rs. 249.69 per liter from Rs. 262.75. This reduction comes as a result of falling international oil prices, which have recently dipped below $70 per barrel.

In addition to petrol and diesel, other petroleum products are also seeing price cuts. Kerosene will now be available at Rs. 158.47 per liter, a decrease of Rs. 11.15 from Rs. 169.62. Light diesel oil will see a reduction of Rs. 12.12, bringing the new price to Rs. 141.93 from Rs. 154.05.

This latest adjustment follows a trend of decreasing fuel prices over recent weeks. Just a fortnight ago, the government had reduced petrol prices by Rs. 1.86 per liter and high-speed diesel by Rs. 3.32 per liter. Cumulatively, petrol and diesel prices have dropped by Rs. 16.50 and Rs. 20.88 per liter respectively in the past three adjustments.

The ongoing drop in prices reflects a stabilization in the international oil market and a stable Pakistani Rupee, which remains steady at 278 against the US dollar.