ISLAMABAD: In a significant relief for the inflation-stricken nation, the federal government has approved a substantial reduction of Rs 15.40 per litre in petrol prices for the next fortnight, reflecting global oil market trends.
The price of petrol has been lowered from Rs288.49 to Rs273.10 per litre. Additionally, the price of high-speed diesel has been cut by Rs7.88 per litre, bringing it down from Rs281.96 to Rs274.08 per litre. “The Oil and Gas Regulatory Authority (Ogra) has calculated the consumer prices based on the variations in international market rates,” stated the Finance Division.
According to an official notification issued by the Finance Division on Wednesday, the new fuel prices will be effective from May 16 (Thursday).
The new prices of motor spirit and high speed diesel for the next fortnight are as follows:
| Products | Existing price | New price | Increase/Decrease |
| Petrol | Rs288.49 | Rs273.10 | -15.39 |
| High Speed Diesel (HSD) | Rs281.96 | Rs274.08 | -7.88 |
Over the past fortnight, the prices of petroleum products have shown a downward trend in the international market.
This marks the second consecutive relief this month. On May 1, 2024, authorities reduced the petrol price by Rs5.45 per litre from Rs293.94 to Rs288.49 per litre. Similarly, the diesel price was reduced by Rs8.42 per litre from Rs290.38 to Rs281.96 per litre.
Globally, petrol prices have declined, indicating a positive market shift. Government and industry sources noted that Pakistani refineries and oil marketing companies anticipate an increase in the consumption of petroleum products starting May 16, thanks to the latest price reduction and a halt in the influx of smuggled petroleum products from Iran over the last 10 days.
