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Pakistan declares substantial reductions in gasoline and diesel prices.

The government of Pakistan announced substantial reductions in the prices of petroleum products on Friday, according to a statement released by the finance ministry. Petrol prices were slashed by Rs14 per liter, while high-speed diesel prices were reduced by Rs13.50 per liter, as per the ministry’s notification. The revised prices for petrol and diesel are now Rs267.34 per liter and Rs276.21 per liter, respectively, for the upcoming fortnight.

The notification attributed the price adjustments to recommendations made by the Oil and Gas Regulatory Authority (OGRA), without specifying a particular reason for the cuts.

Additionally, the government also announced decreases in the prices of kerosene oil and light diesel oil (LDO). Kerosene prices were reduced by Rs10.14 per liter, from Rs201.16 per liter to Rs191.02 per liter, while LDO prices saw a reduction of Rs11.29 per liter, from Rs175.93 per liter to Rs164.64 per liter.

While the notification did not explicitly mention the rationale behind the significant reductions, local media reports speculated that the move was prompted by a notable decline in global oil prices.

Furthermore, the development coincides with slight gains made by the Pakistani currency against the US dollar throughout the week, with a 0.09 percent appreciation on Friday, followed by 0.04 percent on Thursday and 0.06 percent on Wednesday.

As Pakistan grapples with rising inflation and dwindling foreign exchange reserves, the country is striving to chart a course towards economic stability following the agreement on a $3 billion IMF loan in July.

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