Prime Minister Shehbaz Sharif on Friday announced a Rs74 reduction in petrol prices and Rs67 for high-speed diesel (HSD) as the government seeks to pass on the relief from the declining international oil prices.
The official notification for the new petroleum prices — revised on a weekly basis since the US-Iran war erupted — is yet to be issued.
Once notified, the price of petrol will stand at Rs299.78 and high-speed diesel (HSD) at Rs311.78, down from Rs373.78 and Rs378.78 per litre, respectively.
The development comes after PM Shehbaz vowed a “significant” reduction in fuel prices earlier in the day, as tensions eased in the Middle East following the US-Iran peace deal and the restoration of energy shipping in the Strait of Hormuz.
More to follow
