- Move follows adjustments in global oil prices, exchange rate stability.
- After cut, petrol to be sold at Rs252.63 per litre, down from Rs254.63.
- HSD now costs Rs256.64 per litre, compared to previous rate of Rs258.64.
ISLAMABAD: In a bid to provide relief to consumers, the federal government on Wednesday reduced the prices of petrol and high-speed diesel (HSD) by Rs2 per litre each for the next fifteen days, amid subdued international oil markets.
Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years.
The global trade war eroded the outlook for fuel demand, while concern over mounting supply also weighed.
Brent crude futures were down 77 cents, or 1.2%, at $63.48 a barrel by 1305 GMT. U.S. West Texas Intermediate crude futures dropped 74 cents, also 1.2%, to $59.68.
The revised rates, which are mostly based on recommendations from the Oil and Gas Regulatory Authority (OGRA) and relevant ministries and approved by the federal government, will come into effect from May 1, 2025, according to a notification issued by the Ministry of Finance.
After the cut, petrol will be sold at Rs252.63 per litre, down from Rs254.63, while high-speed diesel will now cost Rs256.64 per litre, compared to its previous rate of Rs258.64.
The decision follows minor adjustments in global oil prices and exchange rate stability, with the government passing on the impact to consumers as part of its biweekly price review mechanism.
Fuel prices are revised every 15 days, taking into account international market trends and exchange rate fluctuations.
For the previous fortnight, the federal government announced that fuel prices would remain unchanged, and any savings would be diverted toward infrastructure projects.
Prime Minister Shehbaz Sharif, chairing a federal cabinet meeting, stated that the funds would be used to dualise the N-25 highway linking Chaman, Quetta, Khuzdar, and Karachi, upgrading it to motorway standards.
Additionally, the savings will help finance the construction of the M-6 and M-9 motorways (Sukkur-Hyderabad and Hyderabad-Karachi segments) and the completion of Phase 2 of the Kachhi Canal project to promote agricultural development in Balochistan.
