(Web Desk Monitoring) — On the eve of Independence Day, the government has announced a reduction in petrol and diesel prices, providing some relief to the public amidst high fuel costs.

Petrol prices have been cut by Rs8.47 per litre, bringing the new rate to Rs260.69 per litre. Diesel prices have been reduced by Rs6.7 per litre, with the new rate set at Rs266.07 per litre.

This decision, expected to result in a decrease of Rs11 per litre for petrol and Rs7 per litre for diesel, comes as part of the regular bi-monthly revision of petroleum product prices in Pakistan. These adjustments are made on the 1st and 16th of every month, reflecting global oil market fluctuations and economic conditions. The final decision on the price adjustment will be made by the Ministry of Finance after consultation with the Prime Minister’s Office.

In the international market, oil prices saw a decline of over $1 per barrel, with Brent crude futures dropping to $81.16 and US West Texas Intermediate crude falling to $78.95. This decrease follows reduced fears of an imminent conflict in the Middle East, which had previously driven up prices.

Despite this drop, global oil market dynamics remain uncertain, with OPEC cutting its demand forecast for 2024, while the International Energy Agency maintained its 2024 demand growth forecast but lowered its 2025 estimate due to weak Chinese consumption impacting economic growth.