ISLAMABAD (MNN); The government on Friday announced a major reduction in petroleum prices, cutting the rates of petrol and high-speed diesel by Rs22 per litre each, providing fresh relief to consumers across the country.
The latest reduction comes just a week after the government lowered petrol and diesel prices by Rs6 to Rs7 per litre amid declining global oil prices.
Following the previous adjustment, petrol was priced at Rs403.78 per litre while high-speed diesel stood at Rs402.78 per litre. With the new cut, petrol will now cost around Rs381 per litre, while high-speed diesel will be available at around Rs380 per litre.
The reduction was announced in a statement issued by the Prime Minister’s Office, which said Prime Minister Shehbaz Sharif had pledged to pass on the benefit of lower prices to the public as soon as possible.
The statement said the promise had now been fulfilled, with both petrol and diesel prices reduced by Rs22 per litre.
The Petroleum Division later confirmed that the revised prices would take effect from Saturday, May 30.
Meanwhile, the Oil and Gas Regulatory Authority also announced a cut in the price of kerosene oil, reducing it from Rs313.44 per litre to Rs272 per litre.
The Prime Minister’s Office quoted Shehbaz Sharif as saying that providing relief to the public remains his government’s top priority.
The statement also noted that the federal government has continued fuel subsidies for public and goods transport, as well as for commuters using motorcycles and rickshaws.
Petrol is widely used in private vehicles, motorcycles, rickshaws and small transport, directly affecting household budgets of middle- and lower-income families. High-speed diesel is mainly consumed by heavy transport vehicles and power generators.
The government has been reviewing petroleum prices on a weekly basis amid fluctuations in global oil markets following the recent pause in the US-Iran conflict.
