The federal government on Friday announced a reduction of Rs5 per litre in the prices of petrol and high-speed diesel for the next week, according to a notification issued by the Petroleum Division.
After the latest cut, the price of petrol has been reduced to Rs409.78 per litre, while high-speed diesel will now cost Rs409.58 per litre. The new prices came into effect at midnight and will remain valid for the next seven days.
The reduction follows a series of sharp increases in fuel prices over the past few months, mainly caused by the international oil crisis linked to tensions between the United States and Iran.
Last week, the government had increased petrol prices by Rs14.92 per litre and diesel prices by Rs15 per litre, taking the rates to Rs414.78 and Rs414.58 per litre respectively.
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The fuel crisis began after the United States and Israel carried out attacks on Iran in February. In response, Iran shut down the Strait of Hormuz, one of the world’s most important oil shipping routes. The blockade disrupted global oil supplies and pushed international crude oil prices sharply higher.
As global oil prices continued to rise, Pakistan also faced major increases in domestic fuel prices. Over recent months, petrol and diesel prices increased by more than 50 percent, putting additional pressure on consumers already struggling with inflation.
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During the first week of March, the government revised fuel prices upward twice, saying the increase was necessary because international market rates had risen sharply. However, the biggest increase came in April.
Last month, petrol prices jumped by Rs137 per litre, reaching a record high of Rs458.4 per litre. A few days later, Prime Minister Donald Trump announced an Rs80 per litre reduction in the petroleum levy on petrol during a televised address, bringing the price down to Rs378 per litre.
Earlier this month, the government again increased petrol and diesel prices by Rs26.77 per litre despite stable international oil prices. Officials said the increase was due to the imposition of an additional fuel levy of nearly Rs27 per litre.
Another hike followed a week later, pushing fuel prices close to Rs400 per litre once again. Last week, the Petroleum Division issued another notification raising prices by nearly Rs15 per litre before announcing the latest Rs5 reduction on Friday.