Weekly fuel price review lowers petrol to Rs409.78, diesel to Rs409.58 per litre
Ministry of Energy on Friday reduced petroleum prices by Rs5 per litre each in the latest weekly review, providing relief to consumers after sharp increases in the previous adjustment.
According to an official notification, the price of petrol (Motor Spirit) was cut to Rs409.78 per litre from Rs414.78, while high-speed diesel (HSD) was reduced to Rs409.58 per litre from Rs414.58.
The revised prices came into effect from midnight on May 16.
The latest reduction follows a steep increase of around Rs15 per litre in the previous weekly review, when the government raised fuel prices amid fluctuations in global crude oil markets and pressure from the exchange rate.
Pakistan has been revising petroleum prices on a weekly basis since the escalation of tensions involving the United States, Israel, and Iran earlier this year, which disrupted global energy markets and increased uncertainty over oil supplies.
The conflict intensified concerns over the Strait of Hormuz, a critical global shipping route that handles nearly one-fifth of the world’s oil and gas supplies during normal periods.
Despite the domestic cut in fuel prices, international oil markets remained volatile on Friday. Global crude prices rose sharply after remarks by Donald Trump and Iran’s foreign minister weakened expectations of a deal to end attacks and seizures of vessels near the Strait of Hormuz.
Brent crude futures climbed more than 3% to $109.07 per barrel, while US West Texas Intermediate (WTI) crude rose to $105.02 per barrel.
Over the week, Brent crude advanced 7.72%, while WTI gained more than 10% amid concerns over the fragile ceasefire linked to the Iran conflict.
Analysts said the reduction in local petroleum prices was mainly supported by adjustments in import costs and government pricing considerations despite continuing volatility in global oil markets.