Islamabad: The government on Friday reduced the prices of petrol by Rs74 per litre and diesel by Rs67 per litre following a sharp decline in international crude oil rates and easing geopolitical tensions in the Middle East.
The relief was announced by Prime Minister Shehbaz Sharif in a statement issued by his office.
The relief comes in the wake of the US-Iran peace agreement, brokered and mediated with Pakistan’s diplomatic facilitation, and the subsequent reopening of the Strait of Hormuz, a critical global oil shipping route.
“Petrol prices are being reduced by Rs74 per litre and diesel prices by Rs67 per litre. As a result, the price of petrol will fall from Rs373 to Rs299 per litre, while diesel will decrease from Rs378 to Rs311 per litre,” the Prime Minister’s Office said in a statement.