Govt reduces petrol, diesel prices to ease inflation pressure

The government announced on Friday a significant reduction in petrol and high-speed diesel (HSD) prices for the upcoming fortnight, providing relief to consumers grappling with inflation.

Effective from June 15, petrol prices will decrease by Rs10.20 per litre, bringing the new price to Rs258.16 per litre. HSD will see a reduction of Rs2.33 per litre, with the new rate set at Rs267.89 per litre, according to a statement issued by the Prime Minister’s Office.

Kerosene oil will remain priced at Rs171.61 per litre, and light diesel oil (LDO) will stay at Rs157.32 per litre in the open market.

The finance division has also issued an official notification in this regard.

Petrol is primarily used for cars and motorcycles, while HSD powers heavy vehicles such as trucks and buses, as well as industrial machinery.

Also read: PM announces major electricity tariff cut for industrial sector

It is noteworthy that on June 1, the government reduced the price of petrol by Rs4.74 per litre and diesel by Rs3.86 per litre. So far, a total relief of Rs35 per litre has been provided to the public for petrol.

Earlier in the day, Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for the industrial sector, cutting rates by Rs10.69 per unit. This move aims to boost exports and industrial production.

Due to the prime minister's efforts, the new electricity price per unit for the industrial and export sector is set at Rs34.99. The National Electric Power Regulatory Authority (NEPRA) recommended this reduction for industries.

The PM’s package is expected to provide over Rs200 billion in relief to industries, enhancing their competitiveness in the global market.