Fuel price tango: Petrol stays put, diesel dips!

ISLAMABAD: The federal government announced a decrease in high-speed diesel prices by Rs2 per litre, while petrol rates will remain stable.

A notification from the Finance Ministry confirmed that high-speed diesel will now cost Rs254.64 pre litre. Kerosene oil prices were also slashed by Rs5.04 per litre, and light diesel oil saw a reduction of Rs4.68 per litre; now available for Rs150.65 per litre.

Meanwhile, petrol continued to be priced at Rs.252.63 per litre.

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Despite the recent adjustments, there are rumours that further reductions in petrol and diesel price may occur in the upcoming review for the latter half of May. Reports indicate potential decreases of Rs3 to Rs3.5 per litre, contingent upon finance ministry’s approval.

Should these changes be implemented, petrol could be priced between Rs249 and Rs250 per litre.

The latest price adjustments follow a previous reduction on April 30, when both, petrol and diesel prices, were cut by Rs2 per litre. Petrol was brought down to Rs252.63 and diesel at Rs256.64.

The revised (and not so revised) prices will be effective from May 16 to May 31.