ISLAMABAD: The government on Friday announced a sharp reduction of Rs32.12 per litre in the price of diesel, following a decline in international oil rates.
According to a statement issued by the Prime Minister’s Office, the new price of high-speed diesel has been fixed at Rs353.43 per litre, down from Rs385.54. Prime Minister Shehbaz Sharif said the benefit of falling global oil prices would be passed on to the public “as soon as possible.”
Petroleum Division sources said the price of petrol has been kept unchanged for the next 15 days starting April 18. In the previous fortnightly review, the government had reduced petrol prices by Rs12 and diesel by Rs13.5 per litre.
The development comes after global crude oil prices dropped sharply amid easing geopolitical tensions, with Brent crude falling by over 12 per cent in a single session after reports of a ceasefire-related agreement and assurances regarding the Strait of Hormuz remaining open.
Market analysts said the decline marked the steepest daily fall in months, driven by expectations of improved supply stability and reduced risk in the region.
