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.
As per the revised prices, the high-speed diesel will cost Rs 409.58 per litre, 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 would remain applicable for the next week.
This is the first reduction in fuel prices in recent weeks after successive increases linked to the fuel crisis caused by the blockade of the Strait of Hormuz in the midst of the 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 responded with attacks and closed the Strait of Hormuz, disrupting global oil supplies and causing international oil prices to soar.
As oil prices rose, prompting the government to increase fuel prices by more than 50%.
Amid rising prices, the government increased tariffs on petroleum products twice during the first week of March, noting that the increases exceeded the increase in international market prices. However, the sharpest increase occurred in April of this year.
Last month, the government increased the price of petrol by Rs 137 per litre, taking it to a record Rs 458.4 per litre. However, a few days later, the prime minister, in a televised speech, announced a reduction of Rs 80 per liter in the tax on petrol, bringing its price down to Rs 378 per litre.
Earlier this month, the government again increased prices of petrol and high-speed diesel by Rs 26.77 per liter despite no corresponding increase in international rates, after imposing an additional tax of nearly Rs 27 per liter on the fuel.
A week later, prices of petroleum products increased once again, raising prices to around Rs 400 per litre. Subsequently, the Petroleum Division issued another notification last week, raising prices by nearly Rs 15 per litre.
