ISLAMABAD: The Pakistani government has reduced the price of petrol and high-speed diesel by Rs2 per liter each for the next fortnight, state media reported on Thursday.
Fuel prices in Pakistan are reviewed and adjusted on a fortnightly basis. This mechanism ensures that changes in import costs are reflected in consumer prices, helping to sustain the country’s fuel supply chain.
The latest price reductions were undertaken due to the fluctuations in global oil prices. After the latest revision, a liter of petrol will now cost Rs252.63 while high-speed diesel will be sold at Rs256.64 per liter, according to a notification from the Ministry of Finance.
“The government has reduced prices of petroleum products for next fortnight,” Radio Pakistan said. “New prices are effective from today (Thursday).”
Petrol is primarily used in Pakistan for private transportation, including small vehicles, rickshaws and two-wheelers. Diesel, on the other hand, powers heavy vehicles used for transporting goods across the country.
Pakistan significantly increased fuel prices after securing a short-term, $3 billion loan from the International Monetary Fund (IMF) in 2023. The rising rates also led to spiraling inflation in the country, though the government started offering relief to the people by gradually bringing down the petroleum prices subsequently.
Since then the government has undertaken financial reforms and registered some economic gains in its quest to ensure Pakistan achieves sustainable economic growth.