Govt slashes petrol prices by Re0.50, diesel by Rs5.31 for next fortnight

The federal government has announced a reduction in petrol prices by Re0.50 per litre for the upcoming fortnight, citing recent fluctuations in the international oil market.

According to a notification from the Finance Division, the new price of petrol will be Rs255.63 per litre, down from the previous Rs256.13. The revised prices will take effect from March 1.

Reductions in Fuel Prices

The price of high-speed diesel (HSD) has seen a more substantial decrease, dropping by Rs5.31 per litre from Rs263.95 to Rs258.64.

The notification stated, “The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market.”

Other petroleum products have also seen reductions:

• Kerosene oil is now priced at Rs168.12 per litre, down by Rs3.53 from Rs171.65.
• Light-diesel oil has been reduced by Rs2.47, bringing the price from Rs155.81 to Rs153.34 per litre.

Revised Fuel Prices

Impact of Fuel Prices on Consumers

Petrol is primarily used in private transportation, including small vehicles, rickshaws, and two-wheelers. Any fluctuations in its price significantly affect the budgets of middle and lower-middle-class households, which largely depend on petrol for daily commuting.

Meanwhile, high-speed diesel plays a crucial role in the transportation and agriculture sectors. It is widely used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The cost of high-speed diesel is considered inflationary, as it directly influences transportation costs, which in turn affect the prices of essential goods, including vegetables and other food items.

The latest price adjustments aim to provide some relief to consumers while aligning domestic fuel prices with international market trends.