ISLAMABAD (Kashmir English): Prime Minister Shehbaz Sharif has approved the reduction in diesel price by Rs. 32.12 per liter, aimed at providing relief to the citizens.
After the approval, the price of diesel has decreased from Rs. 385.54 to Rs. 353.43 per liter, according to the statement from the Prime Minister’s Office.
“The effects of the reduction in oil prices will be conveyed to the public as soon as possible,” Prime Minister Sharif said.
The statement did not make any mention of the price of petrol, which was set at Rs 366.58 per litre last week.
However, the Petroleum Division sources said that the government has decided to keep the price of petrol unchanged for the next seven days, starting from April 18.
In the previous weekly review, the prime minister had announced a cut of Rs12 in petrol price and Rs135 in diesel rate, citing a reduction in global oil prices.
On April 2, Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb had announced an unprecedented increase of 43 per cent and 55 per cent in the prices of petrol and high-speed diesel, respectively. The ministers had also announced a targeted fuel subsidy programme.
However, just a day later, PM Shehbaz had slashed the petroleum levy by Rs80 per litre and brought the price of petrol down to Rs378 per litre.
Last week, PM Shehbaz had further decreased diesel prices and petrol prices by Rs135 and Rs12 per litre, respectively.
Global oil prices fell
Oil prices have plunged by about 9 per cent on Friday, extending previous losses, after Iran’s foreign minister said that the passage for all commercial vessels through the Strait of Hormuz is now open for the remaining ceasefire period, in line with that in Lebanon, Reuters reported.
Brent crude futures have dropped by $8.46, or 8.5pc, to $90.93 a barrel at 1300 GMT.
US West Texas Intermediate crude futures have dropped $8.87, or 9.4pc, to $85.82 a barrel.
The development came after Iranian Foreign Minister Seyed Abbas Araghchi said the passage for all commercial vessels through the Strait of Hormuz is declared “completely open”.
In a post on X today, the Foreign Minister wrote that in line with the ceasefire in Lebanon, the Strait of Hormuz is completely open for the remaining period of the ceasefire.
