The government has announced a reduction in Petrol Prices and diesel rates for the coming week, offering some relief to consumers affected by rising transportation costs.
According to a notification issued by the Petroleum Division on Friday, the prices of petrol and high-speed diesel (HSD) have both been reduced by Rs5 per litre. The new rates came into effect from May 16.
Following the latest revision, the price of petrol has been set at Rs409.78 per litre, while high-speed diesel will now cost Rs409.58 per litre.
The decision comes after the government sharply increased fuel prices during the previous weekly review. Last week, petrol prices were raised by Rs14.92 per litre, while HSD prices increased by Rs15 per litre.
The government has been reviewing Petrol Prices every week since tensions escalated in the Middle East earlier this year. The ongoing conflict involving the United States, Israel, and Iran has created uncertainty in global energy markets.
One of the biggest concerns has been the disruption around the Strait of Hormuz. The waterway is considered one of the world’s most important oil shipping routes. Nearly one-fifth of global oil and gas supplies normally pass through the strait during peacetime.
Global oil prices also moved higher on Friday due to continued uncertainty in the region. Reports said comments from US President Donald Trump and Iranian officials reduced hopes for a quick agreement to end attacks and tensions around shipping routes.
Brent crude oil prices rose by more than 3%, reaching over $109 per barrel. US West Texas Intermediate crude also climbed above $105 per barrel.
Analysts said uncertainty surrounding the ceasefire situation has continued to push global oil prices upward. Over the past week, both major oil benchmarks recorded strong gains.
Petrol Prices directly affect millions of people across Pakistan, especially middle and lower-middle-income households. Petrol is widely used in motorcycles, small cars, and rickshaws for daily travel and commuting.
At the same time, high-speed diesel plays a major role in the transport and agriculture sectors. Trucks, buses, tractors, trains, and farming equipment mainly rely on diesel fuel.
Experts say higher diesel costs usually increase transportation expenses, which can eventually raise the prices of vegetables, food products, and other essential goods in local markets.
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The latest reduction in Petrol Prices may provide short-term relief to consumers, although future rates will likely depend on global oil market conditions and regional tensions.
