Islamabad: In a significant financial relief move post-Independence Day, the federal government has announced a reduction in petroleum product prices effective from August 14. This reduction includes a notable decrease in petrol prices by PKR 8.47, setting the new rate at PKR 260.96 per liter, and a PKR 6.07 cut in high-speed diesel, now priced at PKR 266.07 per liter.

According to Zameen.Com, the Ministry of Finance, with the approval of Prime Minister Shehbaz Sharif, had previously planned the reductions as part of a broader effort to alleviate financial pressures on consumers. The earlier projections had anticipated even steeper cuts, with expected reductions of PKR 11 for petrol and PKR 7 for diesel, suggesting a proactive approach to managing economic stress through controlled fuel pricing.

Furthermore, the earlier price adjustments announced for the fortnight had already seen petrol prices trimmed by PKR 6.17 to PKR 269.43 per liter, and high-speed diesel reduced by PKR 10.86 to PKR 272.77 per liter. These measures are aimed at reducing transportation and production costs, thereby supporting economic stability and providing relief to various sectors impacted by high fuel costs.