Islamabad: (RightNow) The federal government has announced a further reduction in petrol and high-speed diesel prices. According to the Ministry of Petroleum, petrol prices have been reduced by 14 paisas and diesel by 1 rupee 89 paisas.

The Petroleum Division has issued a notification of the new prices. According to the Oil and Gas Regulatory Authority (OGRA), the price of petrol is set at 387.40 rupees per liter and diesel at 400.35 rupees per liter.

The government states that the price changes are due to fluctuations in global market rates and other factors. The new prices will be effective from midnight tonight.

Public circles have welcomed the price reduction, as it will lower fuel costs. This move comes in the context of changes in crude oil prices in the global market.

It is noteworthy that during September, petrol prices increased by a total of 55 rupees 06 paisas and diesel by 59 rupees 93 paisas. The government has decided to determine prices daily.