The federal government cut the petrol price in Pakistan by Rs5 per litre from May 16, setting the new rate at Rs409.78 per litre, the Petroleum Division said Friday.
The government also reduced high-speed diesel by Rs5 per litre, bringing its price to Rs409.58 per litre for the next week.
In the previous weekly review, the government had raised petrol by Rs14.92 per litre and high-speed diesel by Rs15 per litre.
The government has reviewed petroleum prices weekly since the US-Israeli conflict with Iran began on February 28.
The conflict disrupted global fuel markets after the Strait of Hormuz, a key route for about one-fifth of global oil and gas supplies in peacetime, was threatened with closure.
Global oil prices rose more than 3% on Friday after comments by United States President Donald Trump and Iran’s foreign minister weakened hopes for a deal to stop ship attacks and seizures near the Strait of Hormuz.
Brent crude gained $3.35, or 3.17%, to $109.07 a barrel by 1734 GMT, while US West Texas Intermediate rose $3.85, or 3.81%, to $105.02.
Petrol mainly affects commuters using small vehicles, rickshaws and two-wheelers, while high-speed diesel influences transport, agriculture and food prices because trucks, buses, tractors, tube wells and threshers rely on it.
