Islamabad: The federal government has reduced the prices of petrol and high-speed diesel (HSD) per liter for the next fortnight to Rs 2, it has been reported on Wednesday, as the international oil markets are currently spilling on American tariff concerns.
On Wednesday, oil prices declined and their biggest monthly decline in about three and a half years was determined as the global trade war ended the approach to seeking fuel, while also concerned over the growing supply.
Brent crude futures were below 77 cents, or 1.2%, $ 63.48 per barrel 1305 gmt. US West Texas Intermediate Crude Futures 74 CI, 1.2%also dropped, $ 59.68.
The revised rates will be applicable from May 1, 2025 based on the recommendations of the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries.
After the cut, petrol will be sold from Rs252.63 per liter, below Rs254.63, while the price of high-speed diesel is now priced at Rs256.64 per liter, compared to the previous rate of Rs258.64.
This step follows a slight adjustment in global oil prices and exchange rate stability, the government affects consumers as part of its biweic price review mechanism.
Fuel prices are modified every 15 days, taking into account the ups and downs in international market trends and exchange rates.
For the last fortnight, the federal government announced that fuel prices would remain unchanged, and any savings would be diverted to infrastructure projects.
Prime Minister Shahbaz Sharif presided over a federal cabinet meeting, saying that funds will be used to repeat the N -25 highway connecting Chamon, Quetta, Khuzdar and Karachi, upgrading to motorway standards.
Additionally, savings will help in the completion of Phase 2 of the Kachi Canal Project to manufacture M -6 and M -9 motorways (Sukur -Hedabad and Hyderabad -Karachi segments) and to promote agricultural development in Balochistan.
