In a move set to bring relief to millions of Pakistanis, the government has announced a substantial reduction in petroleum product prices, effective immediately.
According to a newly issued notification, the price of petrol has been slashed by Rs 4.74 per liter, and the price of high-speed diesel has been reduced by Rs 3.86 per liter.
With these reductions, the new price of petrol is Rs 268.36 per liter, while high-speed diesel now costs Rs 270.22 per liter. These prices will be effective for the next fortnight starting June 1.
This decision offers some respite to the public from the previously high fuel prices.
Despite initial delays in issuing the notification, the Ministry of Finance has decided to implement the price reduction, following recommendations from the Oil and Gas Regulatory Authority (Ogra). The Ministry noted that this move reflects the downward trend in global petrol prices, aligning with the advice to pass on the benefits of significant declines in the global market to consumers.
