ISLAMABAD:
The federal government on Friday reduced the prices of petrol and high-speed diesel by Rs 5 per liter each for the next week, according to a notification issued by the Petroleum Division.
According to the revised prices, high-speed diesel will cost Rs 409.58 per liter, while petrol will be available at Rs 409.78 per litre.
The Petroleum Division said the revised prices would come into effect from midnight and remain applicable for the next week.
This is the first drop in fuel prices in recent weeks after successive increases linked to the oil crisis triggered by the blockade of the Strait of Hormuz against a backdrop of conflict between the United States and Iran.
Last week, the federal government increased the price of petrol by Rs 14.92 per liter and high speed diesel (HSD) by Rs 15 per litre, taking the prices to Rs 414.78 and Rs 414.58 per litre, respectively.
The United States and Israel launched an attack on Iran in February, after which Tehran retaliated with strikes and closed the Strait of Hormuz, disrupting global oil supplies and triggering a sharp rise in international oil prices.
As oil prices soared, prompting the government to increase fuel prices by more than 50%.
Amid rising prices, the government increased the tariffs of petroleum products twice in the first week of March, noting that these increases exceeded the increase in international market prices. However, the biggest increase was seen in April this year.
Last month, the government increased the price of petrol by Rs 137 per liter, taking it to a record Rs 458.4 per litre. A few days later, however, the Prime Minister, in a televised address, announced a reduction of Rs 80 per liter in the oil tax on petrol, bringing its price down to Rs 378 per litre.
Earlier this month, the government again increased prices of petrol and fast diesel by Rs 26.77 per liter despite no corresponding increase in international rates, after imposing an additional levy of nearly Rs 27 per liter on the fuel.
A week later, prices of petroleum products increased again, pushing prices to nearly Rs 400 per liter. Subsequently, the Petroleum Division issued another notification last week, increasing prices by nearly Rs15 per litre.
