ISLAMABAD: Government Cuts Petrol Prices Again Amid Global Oil Price Drop
In its third consecutive fortnightly review, the federal government has reduced petrol prices by Rs4.74 per litre, bringing the new price down to Rs268.36 per litre from Rs273.10. High-speed diesel prices have also been slashed by Rs3.86 per litre, now costing Rs270.22 per litre, down from Rs274.08. This reduction follows a global decrease in oil prices and provides some relief to inflation-hit citizens. A Finance Ministry notification highlighted that the Oil & Gas Regulatory Authority (OGRA) adjusted consumer prices based on international market trends. The new rates are effective from 12am on June 1. Previously, petrol prices were cut by Rs15.39 per litre and diesel by Rs7.88 per litre. With about 85% of its oil needs imported, Pakistan continues to face a balance of payments issue and high inflation, which stood at 17.3% year-on-year in April.
