ISLAMABAD: The federal government has cut the price of petrol by Rs2.07 for the fifth consecutive fortnight in line with the the global oil rates.
The new prices will be effective from October 1, according to an official notification issued on Monday.
As per the official statement, the price of high speed diesel (HSD) came down to Rs246.29 from Rs249.69 after a reduction of Rs3.40.
Petrol, also called mogas, 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.
This is a developing story and is being updated with more details.