The federal government has decreased the petrol and diesel prices by Rs6 and Rs6.80 per litre, respectively, for the next week.
In a notification issued on Friday, the Petroleum Division said new fuel rates will come into effect from May 23.
Following the decrease, the price of petrol stands at Rs403.78 per litre and HSD at Rs402.78.
Kerosene oil price has been increased by Rs1.71 per litre, according to the notification. Following the increase, the new price of kerosene oil has been fixed at Rs313.44 per litre, it read.
In the previous weekly review, the government slashed the prices of petrol and diesel by Rs5 per litre each.
The government has been reviewing petroleum prices on a weekly basis since the US-Israeli conflict with Iran on February 28.
The conflict also triggered a global fuel crunch after the closure of the Strait of Hormuz, a key route through which around one-fifth of the world’s oil and gas supplies pass during peacetime.
Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle-class households, who rely on petrol for daily travel.
On the other hand, a significant portion of the transport sector relies on high-speed diesel.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items. –Agencies
