Islamabad: The federal government on Friday announced a reduction in petroleum prices, lowering the price of petrol by Rs6 per litre and high-speed diesel (HSD) by Rs6.80 per litre, according to a notification issued by the Petroleum Division.
Following the latest revision, the new price of petrol has been fixed at Rs403.78 per litre, while HSD will now be available at Rs402.78 per litre. The revised prices came into effect from May 23 (Saturday).
This marks the second consecutive week of relief for consumers, after the government had reduced petrol and diesel prices by Rs5 per litre last week as well.
Petrol is primarily consumed by private vehicles, motorcycles, rickshaws, and small transport operators, making it particularly significant for middle and lower-income households. Meanwhile, high-speed diesel is widely used in heavy transport, agriculture machinery, and industrial generators, directly impacting freight and commodity prices.
The government has been reviewing petroleum prices on a weekly basis amid fluctuations in the international oil market following the now-paused US-Israeli conflict involving Iran, which began on February 28. The conflict had triggered a global fuel supply crisis due to disruptions around the Strait of Hormuz, a vital route for global oil shipments.
Following the outbreak of the conflict, the government had initially raised petrol and diesel prices by Rs55 per litre on March 6 and subsequently announced austerity measures on March 9.
In later weeks, Prime Minister Shehbaz Sharif stated that he had rejected proposals to further increase fuel prices on three separate occasions despite rising international market rates.
However, on April 2, Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb announced a massive increase of 43 per cent in petrol prices and 55 per cent in diesel prices, alongside a targeted fuel subsidy programme.
A day later, Prime Minister Shehbaz Sharif reduced the petroleum levy by Rs80 per litre, bringing petrol prices down to Rs378 per litre. Subsequently, on April 10, the prime minister announced another reduction, cutting diesel prices by Rs135 per litre and petrol prices by Rs12 per litre.
Story by Khaleeq Kiani
