Pakistan Government Slashes Petrol and Diesel Prices

The Pakistan government has recently announced a significant reduction in the prices of petrol and high-speed diesel (HSD) for the upcoming two weeks. The price of petrol has been decreased by Rs10.20 per litre, now standing at Rs258.16 per litre, down from the previous rate of Rs268.36. Similarly, the price of high-speed diesel (HSD) has been reduced by Rs2.33 per litre, making it available at Rs267.89 per litre compared to the earlier rate of Rs270.22 per litre.

This latest price adjustment follows a previous reduction where petrol and high-speed diesel prices were lowered by Rs4.74 and Rs3.86 per litre, respectively. The total relief provided to the public in terms of petrol prices has now reached Rs35 per litre. The government's decision to pass on the impact of lower international prices to consumers has resulted in these price cuts.

International market trends have shown a decline in the prices of petrol and HSD by about $3.75 and $2.7 per barrel, respectively, over the last two weeks. This reduction in global oil prices has influenced the recent adjustments in fuel prices in Pakistan. The decrease in oil prices can be attributed to the evaluation of the impact of U.S. interest rates remaining higher than expected.

As of the latest update, Brent crude futures have dropped by 0.5% to $82.33 a barrel, while West Texas Intermediate (WTI) U.S. crude futures have decreased by 0.7% to trade at $78.11 a barrel.

The reduction in petrol and diesel prices in Pakistan comes as a relief to consumers, with the government passing on the benefits of lower international oil prices. This move is in line with global market trends and aims to ease the burden on the public amidst economic challenges. Stay informed about such developments to manage your expenses effectively.