ISLAMABAD:
The federal government on Friday reduced the prices of petrol and high-speed diesel by Rs5 per liter each for the next week, according to a notification issued by the Petroleum Division.
Under 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 in effect next week.
This marks the first reduction in fuel prices in recent weeks after successive increases linked to the fuel crisis triggered by the blockade of the Strait of Hormuz amid the conflict between the US and Iran.
Last week, the federal government hiked the price of petrol by Rs14.92 per liter and high-speed diesel (HSD) by Rs15 per litre, taking the prices to Rs414.78 and Rs414.58 per litre, respectively.
The US 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, the government raised fuel prices by more than 50%.
Amid rising prices, the government hiked prices of petroleum products twice during the first week of March, noting that the hikes outstripped the increase in international market prices. However, the sharpest increase was witnessed in April this year.
Last month, the government hiked petrol price by Rs 137 per litre, taking it to a record high of Rs 458.4 per litre. However, a few days later, the prime minister in a televised speech announced a reduction of Rs80 per liter in the oil tax on petrol, bringing the price down to Rs378 per litre.
Earlier this month, the government again hiked the prices of both petrol and high-speed diesel by Rs26.77 per liter despite no corresponding increase in international prices, after imposing an additional tax of nearly Rs27 per liter on fuel.
A week later, prices of petroleum products were hiked again, pushing prices close to Rs 400 per litre. Subsequently, the Petroleum Division issued another notification last week, raising prices by nearly Rs 15 per litre.
