The federal government on Wednesday reduced the price of petrol by Rs15.39, taking the new rate to Rs273.10 per litre.

The price of high-speed diesel (HSD) has also been slashed by Rs7.88 per litre to Rs274.08.

The new prices take effect from May 16, 2024.

Significant decline in prices of petrol, HSD likely

In the last review, the government had decreased the petrol price by Rs5.45 per litre, and HSD by Rs8.42 per litre.

Earlier, Business Recorder reported that ex-depot prices of petrol and high-speed diesel (HSD) were expected to be slashed due to a decline in international oil prices and premium rates.

Govt reduces petrol price by Rs5.45, HSD’s by Rs8.42 per litre

Global oil prices have significantly decreased after tensions in the Middle East eased following the Iran-Israel missile attacks and the calming of Red Sea tensions. Reflecting this positive shift, global petrol prices have fallen by $6.32 per barrel to $99.93.