Petrol price reduced by Rs10.20 per litre in Pakistan

ISLAMABAD In a notable move, Prime Minister Shehbaz Sharif has announced a significant reduction in fuel prices, providing much-needed relief to the public. The price of petrol will be slashed by Rs10.20 per litre, while the price of diesel will be reduced by Rs2.33 per litre.

This announcement follows the government’s decision on 1st June to decrease petrol prices by Rs 4.74 per litre and diesel prices by Rs3.86 per litre. To date, the cumulative relief in petrol prices amounts to Rs35 per litre, marking a substantial effort by the government to ease the financial burden on the public.

As global oil prices continue to fall, there was already increasing optimism that petrol prices in Pakistan might also decrease. The government will officially announce the new prices at midnight on 15 June 2024. The new rates will remain effective until the end of June.

Today, global oil prices fell, reversing some of their weekly gains due to a broader financial market risk-off sentiment and indications of strong global supply. Brent crude traded near $82.41 per barrel, marking a 0.41 per cent decrease for the day but a 3.65 per cent increase for the week.

Similarly, West Texas Intermediate (WTI) crude was priced at $78.16 per barrel, down 0.59 per cent for the day.

Market dynamics, including regional stock declines, have exerted downward pressure on oil prices. Bloomberg reported that this decline was influenced by cooling US inflation and the Federal Reserve’s decision to limit interest rate cuts this year.

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