In line with the recent fluctuation in the international fuel market, the federal government on Saturday slashed the price of diesel by Rs12.84 per litre for the next fortnight.
The new fuel prices will be effective from August 16, according to an official notification issued by the Ministry of Finance.
Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.
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.