ISLAMABAD (Kashmir English): Prices of petrol and diesel are expected to decrease further tonight following a drop in prices of global crude oil. Peace is also returning in the Middle East with the reopening of the Strait of Hormuz.
PM political advisor Rana Sanaullah expressed his hope that the price of fuel may continue decreasing, and the government has formed a special team for observing the market and making recommendations.
Talking to the media, Rana Sanaullah said the international price had increased due to the war in the Middle East; however, it will decrease in the near future.
The prices had escalated following the recent flare-up between Iran and Israel, and to make fuel available in the market, a watch on the market prices had been maintained, and oil companies were also compelled to procure a high rate of fuel to avoid depletion of stocks in the country, and to keep away from the situation in which fuel stocks fall in the country.
He said that due to an increase in international oil prices, the government has changed its review pattern of oil prices to weekly. Due to the changing economic scenario, the nation’s oil stock was ensured.
Current Petrol Prices in Pakistan
Earlier, the federal government massively decreased the prices of petrol and diesel following a sharp decline in international crude oil rates, according to the press release issued by the Prime Minister’s Office.
As per the statement, the price of petrol is being reduced by Rs 74 per liter and the high-speed diesel (HSD) by Rs 67 per liter.
With the latest reduction, petrol has come down from Rs 373 to Rs 299 per liter, and diesel from Rs 378 to Rs 311 per liter, the press release stated.
The Petroleum Division has yet to issue the official notification for the weekly revised prices of petroleum products today.
Following the notification, which is expected to be issued later tonight, the new prices will take effect at midnight on Saturday, June 20.
The relief comes after the US-Iran peace agreement was signed with Pakistan’s diplomatic facilitation, which subsequently resulted in the reopening of the Strait of Hormuz and a reduction in global oil rates.
“The benefits of the improvement in the economic situation in the region and the reduction in oil prices are being immediately transferred to the people,” the Prime Minister was quoted as saying.
“We are well aware of the hardships faced by the people. You demonstrated unparalleled patience and forbearance during these difficult circumstances,” PM Shehbaz said.
The premier expressed gratitude to the people for “supporting the government in these difficult circumstances”.
