The federal government is considering a reduction in petrol prices, marking the third consecutive decrease in petroleum product rates since July 31.

According to sources, the proposal includes lowering the price of petrol by Rs 2.97 per liter, high-speed diesel by Rs 2.31 per liter, kerosene oil by Rs 1.39 per liter, and light-speed diesel by Rs 1.96 per liter.

The proposed reduction is attributed to a decline in international oil prices, with American crude oil dropping by 3.60% to $74.69 per barrel over the past two weeks, and London Brent oil falling by 2.34% to $74.69 per barrel.

Earlier, the federal government reduced petroleum prices as a "gift" to the people ahead of Independence Day. Petrol prices were cut by Rs 8.47, bringing the price to Rs 260.96 per liter, while high-speed diesel saw a reduction of Rs 6.07, bringing the new price to Rs 266.07 per liter.

On July 31, the government had also reduced the prices of petrol and high-speed diesel for the following two weeks by Rs 6.17 and Rs 10.86 per liter, respectively. This brought the new prices of petrol to Rs 269.43 per liter and diesel to Rs 272.77 per liter. The Ministry of Finance issued a notification after receiving approval from Prime Minister Shehbaz Sharif.