ISLAMABAD: The federal government has reduced the prices of petroleum products, the Petroleum Division announced Monday.
According to an official notification, the price of diesel has been cut by Rs3.56 per liter, bringing the new price to Rs404.97 per liter.
The government also reduced the price of petrol by Rs2.27 per liter. Petrol will now cost Rs389.03 per liter.
The revised prices will take effect from September 29, according to the Petroleum Division.
Earlier, Diesel prices in the United Kingdom have reached a record high as the war involving Iran disrupts global fuel supplies and pushes up international diesel prices, motoring organization RAC said Monday.
The average price of diesel at UK pumps rose to 199.18 pence per liter, surpassing the previous record of 199.09 pence set in June 2022 following the energy shock triggered by Russia’s invasion of Ukraine.
RAC policy head Simon Williams said filling an average family car now costs nearly £110, about £31 more than before the conflict began.
Higher diesel prices are also increasing transportation and logistics costs for businesses, with diesel widely used in industry, agriculture and freight.
“Only a sustained lower oil price over several weeks, not days will lead to cheaper prices at the pumps,” Williams said, adding that the government could ease pressure on motorists by reducing fuel duty or value-added tax.
Fuel prices are a major contributor to UK inflation, which reached a five-month high in August, putting further pressure on consumers amid a prolonged cost-of-living crisis.
