Prime Minister Shehbaz Sharif on Friday announced reduction of Rs135 per litre in diesel and Rs12 per litre in petrol prices.
With the announcement, diesel will now cost Rs385 per litre, and petrol Rs366 per litre.
The new price will be effective from today’s midnight.
Last week, the government announced an increase of Rs184.49 per litre in diesel and Rs137.24 per litre in petrol, taking the rate then to Rs520.35 and Rs458.41 per litre, respectively.
However, PM Sharif later announced a sharp reduction of Rs80 in the petroleum levy, in a move aimed at easing the financial burden on consumers amid rising global oil prices. The petrol rate then was taken to Rs378 per litre.
There was no change in superior kerosene oil (SKO) and light diesel oil (LDO) prices, according to a post on X from Deputy Prime Minister and Foreign Minister Ishaq Dar.
Addressing the nation on Friday, the premier said the two countries (Iran and US), which were at war, had agreed to settle the conflict, with talks set to take place in Islamabad.
“The world is talking about peace now,” he said.
He again thanked the leadership of Iran and the US for accepting the offer for a ceasefire and for talks in Islamabad.
He said the fuel subsidy packages announced earlier across the country would continue without any change.
The premier said a decline in global oil prices provided the government with an opportunity to pass the relief on to the masses.
Global oil prices rose towards $100 a barrel on concerns over Saudi Arabia supply disruptions and limited flows through the Strait of Hormuz, but were still on track for their biggest weekly fall since last June as a fragile ceasefire held. Brent crude futures were up 40 cents, or 0.4%, at $96.32 a barrel at 11:18am. ET or 1520 GMT. West Texas Intermediate futures were up 84 cents, or around 0.9%, at $98.71.
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