Islamabad: (RightNow) The federal government has announced a slight reduction in petroleum product prices for the second consecutive day. The new prices will be effective from August 29 to 31.

The Ministry of Petroleum has issued a notification for the new prices of petrol and diesel for August 29 to 31. The Oil and Gas Regulatory Authority (OGRA) has adjusted the prices according to the federal government’s procedure.

According to the notification, the price of petrol has been reduced by 58 paisas per liter, setting the new price at 342.02 rupees per liter.

The price of high-speed diesel has also been reduced by 17 paisas. The new price for high-speed diesel is now 371.44 rupees per liter.

It is noteworthy that due to the situation in the Middle East, the government has decided to determine petroleum prices daily. Last month, petrol prices were reduced 11 times and increased 15 times.