The federal government granted a substantial reduction in petrol prices of Rs15.39 per litre for the next two weeks, in accordance with international oil prices, which is a major relief for the nation that is suffering from inflation.
Following the most recent decrease, the price of petrol has dropped from Rs288.49 to Rs273.10 per liter.
Additionally, the cost of high-speed diesel decreased from Rs281.96 to Rs274.08 per litre, a savings of Rs7.88.
According to a statement issued by the Finance Division, "the Oil and Gas Regulatory Authority (Ogra) has worked out the consumer prices based on the price variations in the international market."
The Finance Division issued a formal notification on Wednesday stating that the new fuel prices will take effect on Thursday, May 16.
Over the past two weeks, there has been a downward trend in the price of petroleum products in the global market.
This is the current month's second consecutive relief. The government lowered the price of petrol on May 1, 2024, from Rs293.94 per litre to Rs288.49 per liter.
In the same vein, on May 1, the price of diesel was also reduced by Rs8.42 per litre, to Rs281.96 from Rs290.38.
Globally, the price of petrol has decreased, indicating a positive shift in the market. According to government and industry sources, Pakistani refineries and oil marketing companies anticipate higher oil consumption starting on May 16 as a result of the most recent price reduction and the cessation of the smuggling of petroleum products from Iran over the previous ten days.