Islamabad: The federal government on Thursday announced a reduction in the prices of petrol and high speed diesel (HSD), with the revised rates coming into force across the country on Friday, 28 August 2026. The price adjustments provide brief relief to consumers just two days after an earlier upward revision in domestic petroleum rates.

According to an official notification issued by the Petroleum Division, the price of petrol has been lowered by Rs 0.50 per litre, while the price of high-speed diesel has been cut by Rs 0.19 per litre. Following this latest calculation, the new retail price of petrol stands at Rs 342.60 per litre, down from its previous rate. Similarly, the price of high-speed diesel has been fixed at Rs 371.61 per litre.

The downward revision comes as part of ongoing price recalibrations overseen by energy regulators. In domestic fuel pricing, the term 'slashing' or 'cutting' prices refers to an official downward adjustment of ex-depot rates the baseline cost of petroleum products before local secondary transportation charges and regional distribution fees are added at retail filling stations.

The updated rates were determined by the Oil and Gas Regulatory Authority (OGRA) in line with the federal government’s revised petroleum pricing mechanism. Under this framework, domestic fuel prices are periodically recalculated based on international oil market benchmarks, currency exchange variations, and applicable government duties to align local fuel costs with broader market trends.

“The Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot prices of the petroleum products for August 28, 2026,” the Petroleum Division confirmed in its official statement.

The updated ex-depot prices take effect immediately nationwide, establishing the standard benchmark for oil marketing companies and retail fuel stations starting Friday.