Government cuts petrol price by Rs4, keeps diesel unchange

KARACHI: The Pakistan government on Friday reduced the price of petrol by Rs4 per litre for the next fortnight but left the rate of high-speed diesel unchanged, according to a notification from the Ministry of Energy’s Petroleum Division.

The price of motor spirit, commonly known as petrol, was lowered to Rs377.78 per litre from Rs381.78. High-speed diesel will remain at Rs380.78 per litre.

The reduction marks the fourth consecutive weekly drop in fuel prices. Last week, the government slashed petrol and diesel prices by Rs22 per litre, calling the move an “Eid gift” for the public.

The recent cuts follow months of sharp price hikes triggered by regional tensions. In February, the United States and Israel launched attacks on Iran, prompting Tehran to retaliate with strikes and close the Strait of Hormuz.

The disruption to global oil supplies drove up international crude prices.

In response, domestic fuel prices surged more than 50%. During the first week of March, the government raised petroleum product prices twice, saying the increases lagged behind global market trends.

The steepest hike came in April, when petrol jumped by Rs137 per litre to a record Rs458.4 per litre.

Days later, Prime Minister Shehbaz Sharif announced an Rs80 per litre reduction in the petroleum levy on petrol, bringing the price down to Rs378 per litre.

Last month, the government raised petrol and high-speed diesel by Rs26.77 per litre despite no corresponding increase in international rates, imposing an additional levy of nearly Rs27 per litre.

A week later, prices climbed again to near Rs400 per litre. The Petroleum Division then issued another notification earlier this month raising prices by nearly Rs15 per litre.

Since then, successive reductions have taken effect, with officials saying the cuts aim to provide relief to the public and ease financial burdens.