Govt Cuts Petrol Price by Rs4 Per Litre, Keeps Diesel Unchanged
News Desk
Islamabad: The federal government on Friday announced a reduction of Rs4 per litre in the price of petrol, while maintaining the existing rate of high-speed diesel (HSD).
According to a notification issued by the Petroleum Division, the revised fuel prices will take effect from June 6 and remain applicable for the coming week.
Following the latest adjustment, petrol will now be available at Rs377.78 per litre, down from Rs381.78 per litre. Meanwhile, the price of high-speed diesel has been retained at Rs380.78 per litre.
The government has been reviewing petroleum prices on a weekly basis since tensions escalated in the Middle East following the US-Israel conflict with Iran earlier this year. The situation led to disruptions in global energy markets, particularly after the temporary closure of the Strait of Hormuz, a strategic route that carries nearly 20 percent of the world’s oil and gas supplies during normal times.
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The latest reduction follows a substantial cut announced on May 29, when the government lowered both petrol and diesel prices by Rs22 per litre. At the time, the reduction was described as an Eidul Adha relief package for the public.
Under that revision, petrol prices were reduced from Rs403.78 to Rs381.78 per litre, while diesel rates were brought down from Rs402.78 to Rs380.78 per litre.
In a separate move on the same day, the Oil and Gas Regulatory Authority (OGRA) reduced the price of kerosene oil by Rs41.44 per litre, setting the new rate at Rs272 per litre compared to the previous Rs313.44.
Petrol is primarily consumed by motorists using cars, motorcycles and rickshaws, making its price particularly significant for middle- and lower-income households. Diesel, on the other hand, plays a crucial role in the transportation and agricultural sectors, powering trucks, buses, trains, tractors, tube wells and other heavy machinery. As a result, changes in diesel prices often have a broader impact on inflation.
Meanwhile, international oil prices edged lower on Friday after Oman confirmed that operations at the Mina al Fahal oil terminal were continuing normally despite reports of an explosion that had briefly raised concerns over supply disruptions.
According to Reuters, Brent crude futures fell 1.2 percent to $93.84 per barrel, while US crude declined 1.9 percent to $91.22 per barrel. Despite the decline, both benchmarks remain on course to record their first weekly gains in three weeks.
