By Our Correspondent
ISLAMABAD–The government has announced a reduction in petrol prices, effective from January 1. According to a notification issued by the Ministry of Finance, the price of petrol has been slashed by Rs 10.28 per litre, setting new price at Rs 253.17per litre while high-speed diesel has also been reduced by Rs 8.57 per litre.
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Officials said the revision reflects declining global oil rates and adjustments recommended by the Oil and Gas Regulatory Authority (OGRA). The new price will remain in effect for the first 15 days of January, after which the government will review the rates again under the fortnightly mechanism.
Economists expect the relief to ease transport and commodity-shift costs, though industry experts caution that volatility in international markets may influence upcoming reviews.
