Petrol, diesel prices cut by Rs22 per litre

Petrol and diesel prices have been reduced by Rs22 per litre, the Prime Minister Office said in a statement on Friday.

In a statement posted on X, Prime Minister Shehbaz Sharif said providing relief to the public remained among his "top priorities".

The federal government described the reduction as a gift to the nation on the third day of Eid ul Adha.

It noted that relief had also been extended last week when petrol and diesel prices were reduced.

"Even in the most stringent circumstances, the federal government continued the series of relief for the public and provided subsidies on fuel for public/goods transport and for those using motorcycles and rickshaws," it said.

During the worst global oil crisis, the prime minister provided a subsidy of over Rs130 per litre, preventing an increase in domestic fuel prices and extending relief to consumers, the PMO statement added.

According to a notification issued by the Petroleum Division, new fuel prices will be effective for the next week starting from May 30.

Following the reduction, the per litre price of petrol has come down to Rs381.78 from Rs403.78, while the high-speed diesel price has been cut to Rs380.78 from Rs402.78 per litre.

Separately, the Oil and Gas Regulatory Authority reduced the price of kerosene oil by Rs41.44 per litre.

According to an official notification, the new price of kerosene oil has been fixed at Rs272 per litre, compared with the previous rate of Rs313.44 per litre.

The reduction in domestic fuel prices comes amid a decline in global oil prices, boosted by optimism that the United States and Iran will reach a deal to end their war that has hobbled global energy supplies.

During Friday morning trading in Asia, the price of Brent crude was down 0.9% to around $93 a barrel, while primary US benchmark West Texas Intermediate shaved 1.1% to just below $88 a barrel, AFP reported.