Petrol and diesel prices reduced significantly on Friday after the government announced a major cut in fuel rates following a decline in international crude oil prices.
Under the new rates, petrol has been reduced by Rs74 per litre, while diesel has been cut by Rs67 per litre. The move is expected to provide substantial relief to consumers and businesses facing high transportation and energy costs.
Officials said the reduction became possible due to a sharp fall in global oil prices and improving stability in the Middle East.
The development follows a peace agreement between the United States and Iran, which helped ease concerns about disruptions in global energy supplies. The reopening of the Strait of Hormuz, one of the world’s most important oil shipping routes, also contributed to the decline in crude oil prices.
Lower international oil prices allowed the government to pass on the benefit to consumers through reduced fuel rates. Analysts believe the price cuts could help lower transportation costs and ease inflationary pressure in the coming weeks.
The latest reduction marks one of the biggest decreases in fuel prices in recent months and is expected to bring relief to households, transporters and businesses across the country.
