Effective May 16, the government reduced diesel prices by Rs7.88 per litre and petrol by Rs15.39 per litre in response to declining international oil prices.
According to the Finance Division, the second price cut is this month; petrol prices have been cut by Rs15.39 per litre, bringing the cost down from Rs288.49 to Rs273.10. Additionally, the price of high-speed diesel has been reduced by Rs7.88 per litre, moving from Rs281.96 to Rs274.08.
| Products | Existing Price | New Price | Increase/Decrease |
|---|---|---|---|
| Petrol | Rs288.49 | Rs273.10 | -Rs15.39 |
| High Speed Diesel (HSD) | Rs281.96 | Rs274.08 | -Rs7.88 |
According to a statement from the Finance Division, the Oil and Gas Regulatory Authority (Ogra) determined these new rates in response to global oil market trends.
This marks the second consecutive reduction in fuel prices this month. On May 1, petrol prices were lowered by Rs5.45 per litre, and diesel prices were decreased by Rs8.42 per litre.
The continual drop in international market prices has contributed to these reductions. Furthermore, industry experts anticipate a rise in domestic fuel consumption starting May 16, owing to these lower prices and a recent decrease in the smuggling of petroleum products from Iran.
