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Petrol, Diesel Prices Reduced
ISLAMABAD: The federal government has reduced the prices of petrol and high-speed diesel (HSD), according to an OGRA notification.
Petrol has been reduced by Rs0.14 per litre, while HSD has been cut by Rs0.89 per litre.
New Fuel Prices
Following the reduction, petrol will now cost Rs387.40 per litre, while HSD will be available at Rs400.35 per litre.
The revised prices will take effect from midnight and remain applicable until the next notification.
Government Announces Austerity Measures
The government has introduced several austerity measures in response to rising international fuel prices. These include a 50% reduction in fuel allocations for official vehicles for three months.
Government offices have also been encouraged to use teleconferencing, while the purchase of durable goods has been restricted, except for IT equipment.
Markets have been directed to close by 9pm.
Fuel Relief Scheme
Prime Minister Shehbaz Sharif has announced a fuel relief scheme for motorcycles, rickshaws and vehicles with engines up to 800cc.
Petroleum Minister Ali Pervaiz Malik said the subsidy scheme could continue for up to 10 months, if necessary.
He said the government is currently spending around Rs35 billion to Rs40 billion per month on the subsidy programme.
Government Under Pressure
The government has faced calls to adjust domestic fuel prices in line with international oil market movements. Authorities have said that any decline in international oil prices will be passed on to consumers.
The latest reduction comes amid continued volatility in global energy markets and disruptions affecting regional oil and gas supplies.
