The federal government has reduced the price of petrol by Rs6 per litre and high-speed diesel (HSD) by Rs6.80 per litre. Following this adjustment, petrol will retail at Rs403.78 per litre, while HSD will cost Rs402.78 per litre.
A notification issued by the Petroleum Division confirmed that the new rates take effect on Saturday, May 23.
This marks the second consecutive week of fuel price cuts, following a Rs5 reduction for both commodities the previous week. Petrol primarily impacts the budgets of the middle and lower-middle classes who rely on private transport, small vehicles, rickshaws, and two-wheelers.
HSD is used across the heavy transport sector and to power large generators.
The government has been revising petroleum prices every Friday night in response to the now-paused US-Israeli war on Iran, which commenced on February 28.
The conflict triggered a global fuel crunch due to the closure of the Strait of Hormuz, a maritime route that handles one-fifth of global oil and gas supplies during peacetime.
The price trajectory began on March 6 when the government initially hiked petrol and diesel prices by Rs55 per litre, followed by the implementation of austerity measures on March 9.
Prime Minister (PM) Shehbaz Sharif later stated he rejected three subsequent recommendations to raise prices despite escalating international market rates.
However, on April 2, Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb announced a 43 percent spike in petrol and a 55 per cent surge in HSD prices, alongside a targeted fuel subsidy programme.
The next day, PM Shehbaz reduced the petroleum levy by Rs80 per litre, bringing petrol down to Rs378 per litre. On April 10, the premier implemented further cuts, reducing diesel by Rs135 per litre and petrol by Rs12 per litre.
