ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif has announced a major cut in petrol and diesel prices, reducing them by Rs 10.20 per liter and Rs 2.33 per liter respectively for the second half of June 2024. This announcement follows a previous reduction in electricity prices for industries.
The Prime Minister’s Office in a statement on Friday confirmed the reduction. The decision comes amidst declining international prices for petroleum products.
According to the update shared by the Prime Minister’s Office, petrol prices have been adjusted downwards by Rs 10.20 per liter, while the price of high-speed diesel (HSD) sees a decrease of Rs 2.33 per liter.
وزیراعظم محمد شہباز شریف کے ایک دن میں دو بڑے اعلان
صنعتوں کے لئے بجلی سستی کرنے کے بعد بڑی عید پر وزیراعظم کی عوام کے لئے بڑی عیدی
پٹرول کی قیمت میں 10 روپے 20 پیسے فی لیٹر کی بڑی کمی
ڈیزل کی قیمت میں 2 روپے 33 پیسے فی لیٹر کی کمی
یکم جون کو حکومت نے پیٹرول کی قیمت میں 4… pic.twitter.com/Ew8quEl6CW
— PTV News (@PTVNewsOfficial) June 14, 2024
The Ministry of Finance is yet to issue an official notification regarding the new petrol prices.
International market dynamics have played a pivotal role in influencing these adjustments, with recent bi-weekly reviews indicating a notable decline in prices. Over the past two weeks, the prices of petrol and HSD have fallen by approximately $3.75 and $2.7 per barrel respectively. This reduction is in addition to a previous decline of about $12 per barrel for petrol and $8 per barrel for HSD over the prior two bi-weekly reviews.
Consequently, the price of petrol now stands at just over $90 per barrel, down from around $94 per barrel, while the price of HSD has dropped to $95 from $98 per barrel.
The new prices of petrol and diesel, following the reduction, are Rs 258.16 and Rs 267.89 respectively. This decision comes just ahead of the scheduled fortnightly revision on June 15, providing timely relief to consumers. Additionally, the timing coincides with the upcoming Eid-ul-Azha celebrations, as the federal government has announced three holidays for the occasion.
