In line with the fluctuation in the international oil rates, the federal government on Friday cut the per litre prices of petrol and diesel by Rs4 and Rs2, respectively.
In a notification, the Petroleum Division said the new fuel rates will come into effect from June 13 and remain in force for a week.
Following the reduction, the price of petrol has been reduced to Rs373.78 from Rs377.78, while high-speed diesel price came down to Rs378.78 from Rs380.78.
Moreover, the price kerosene oil has been jacked up by Rs1.49 per litre.
Following the revision, the price of kerosene has been fixed at Rs282.19 per litre.
Previously, kerosene was being sold at Rs280.70 per litre.
Last week, the federal government reduced the petrol price by Rs4 per litre, while keeping the price of HSD unchanged.
The government has been reviewing petroleum prices on a weekly basis since the US-Israeli conflict with Iran on February 28.
The conflict also triggered a global fuel crunch after the closure of the Strait of Hormuz, a key route through which around one-fifth of the world's oil and gas supplies pass during peacetime.
Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle-class households, who rely on petrol for daily travel.
On the other hand, a significant portion of the transport sector relies on high-speed diesel. Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
