ISLAMABAD: The government has reduced fuel prices for the next fortnight, effective February 16, following fluctuations in the international oil market, according to a Finance Division notification.
Petrol is now cheaper by Rs1 per litre at Rs256.13, while high-speed diesel (HSD) has been cut by Rs4 to Rs263.95.
Kerosene oil prices have been lowered by Rs3.20 per litre to Rs171.65, and light diesel oil (LDO) is down by Rs5.25 to Rs155.81. The Oil & Gas Regulatory Authority (OGRA) made the adjustments in response to shifts in global crude prices.
The Finance Division attributed the reductions to easing supply concerns as peace talks between Russia and Ukraine signal potential stability. Over the past two weeks, Brent crude fell 1.4% to $74.14 per barrel, while WTI dropped 1.5% to $70.33.
Market sentiment has shifted towards expectations of sufficient supply, supported by a slight increase in Russian crude production.
