In a significant relief for the public, the federal government on Friday announced a sharp reduction in petroleum prices, cutting both petrol and high-speed diesel (HSD) rates by Rs22 per litre across the country.

With the latest revision, the new price of petrol has been fixed at Rs381.78 per litre, while high-speed diesel will now be available at Rs380.78 per litre.

The price cut is expected to provide immediate relief to consumers and ease pressure on transport and logistics costs nationwide.

According to officials, the decision has been taken in light of the continued decline in global crude oil prices, allowing the government to pass on the benefit to local consumers.

The move comes as international energy markets show a downward trend, creating space for adjustments in domestic fuel rates.

This is the second reduction in fuel prices within a short span of time. Earlier, petrol prices were reduced by Rs6 per litre, while diesel saw a cut of Rs6.80 per litre.

The latest and much larger reduction is expected to have a broader impact on inflation, particularly in transport-dependent sectors.

High-speed diesel plays a key role in Pakistan’s economy, as it is widely used in freight transport, agriculture machinery, buses, and trucks.

Experts believe the price cut could help reduce supply chain costs, which may eventually reflect in the prices of essential commodities if savings are passed on to consumers.

The government has reiterated that providing relief to the public remains a key priority despite challenging economic conditions.

It has also maintained that support measures for transport operators, motorcyclists, rickshaw drivers, and small businesses will continue as part of its broader economic relief strategy.

On the global front, crude oil prices continued to slide on Friday. Brent crude fell nearly 2% to around $91 per barrel, while US West Texas Intermediate (WTI) dropped to about $87 per barrel.

Market analysts note that easing geopolitical concerns and expectations of stable supply have contributed to the recent decline in oil prices.

If this trend continues, further adjustments in domestic fuel prices may be seen in upcoming reviews, offering additional relief to consumers and businesses.