In a welcome turn of events, the federal government has announced a significant reduction in fuel prices, reversing the trend of recent hikes. The latest petrol price has been slashed by Rs7.54 per litre, bringing much-needed relief to consumers across the country. The new rate, effective from August 1, now stands at Rs264.61 per litre, compared to the previous Rs272.15. This change in the latest petrol price comes after a fortnightly review conducted by the government, reflecting shifts in international oil markets and currency trends.

The announcement was made late Thursday night via a notification from the Finance Division. While petrol users have a reason to celebrate, the picture isn’t as bright for those relying on high-speed diesel (HSD), which has seen an increase of Rs1.48 per litre. The revised HSD rate now stands at Rs285.83 per litre.

Amid Latest Petrol Price Drop, LPG Price Also Sees Major Drop

In another consumer-friendly move, the Oil and Gas Regulatory Authority (OGRA) has announced a sharp reduction in Liquefied Petroleum Gas (LPG) prices. The per kilogram price has been reduced by Rs17.74, bringing the new rate to Rs215.36. This translates to a Rs209.24 decrease in the price of an 11.8kg domestic LPG cylinder, which will now cost Rs2,541.36 for the month of August.

OGRA highlighted that the latest adjustment is aligned with market trends and was finalized after input from relevant ministries. The price cut in LPG is expected to ease household burdens, especially in areas where LPG is a primary source of energy.

The government reviews fuel prices every 15 days, with adjustments based on international oil rates and the rupee’s performance. In the previous revision, both petrol and diesel prices had gone up, further burdening commuters and the transport sectors. The latest petrol price cut breaks this cycle and is likely to have a positive short-term impact on inflation and transportation costs.

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