According to a notification issued by the Petroleum Division on Sunday, the new petrol price has been fixed at Rs263.45 per litre for the next fifteen days.
Preliminary estimates had suggested a drop of Rs3.70 per litre for petrol and Rs4.28 per litre for high-speed diesel (HSD).
The reduction in fuel prices is linked to increased global supplies following the restart of several units at Kuwait’s Al-Zour Refinery, one of the largest refining complexes in the Gulf region.
Petrol is primarily used in private vehicles, small cars, rickshaws, and two-wheelers. High fuel prices directly affect the budgets of middle- and lower-middle-class families, who rely on petrol for daily commuting.
On the other hand, a significant portion of the transport sector depends on high-speed diesel for commercial vehicles, trucks, and public transport.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.