In a significant relief measure, the Pakistan government announced a reduction in petrol and high-speed diesel (HSD) prices for the next fortnight. Petrol prices have been slashed by Rs10.20 per litre, bringing the new price down to Rs258.16 from the previous Rs268.36. Similarly, HSD prices have been reduced by Rs2.33 per litre, now available at Rs267.89 compared to the previous Rs270.22.
This reduction follows a recent cut a fortnight ago, when petrol prices were reduced by Rs4.74 per litre and HSD by Rs3.86 per litre. With the latest adjustment, the total relief provided in petrol prices now amounts to Rs35 per litre.
It was anticipated that the government would pass on the benefits of lower international oil prices to consumers. Over the past two weeks, the prices of petrol and HSD in the international market have declined by about $3.75 and $2.7 per barrel, respectively.
On Friday, oil prices eased as markets assessed the implications of U.S. interest rates remaining higher for longer than expected. Brent crude futures decreased by 42 cents, or 0.5%, to $82.33 a barrel, while West Texas Intermediate (WTI) U.S. crude futures dropped by 51 cents, or 0.7%, to $78.11 a barrel.
