Govt cuts petrol price by Rs6, diesel by Rs6.80

Petrol price cut by Rs6 to Rs402.98 per litre, while diesel now costs Rs403.58 after latest revision

The federal government on Friday reduced the price of petrol by Rs6 per litre and high-speed diesel by Rs6.80 per litre for the next week, according to a notification issued by the Petroleum Division.

Under the revised prices, petrol will now be available at Rs402.98 per litre, while high-speed diesel will cost Rs403.58 per litre.

The Petroleum Division said the revised prices would take effect from midnight and remain applicable for the next week.

Read: Govt slashes petrol, diesel prices by Rs5

This is the second reduction in fuel prices in as many weeks. Last week, the government reduced the prices of both petrol and diesel by Rs5 per litre each.

The US and Israel launched an attack on Iran in February, after which Tehran retaliated with strikes and closed the Strait of Hormuz, disrupting global oil supplies and triggering a sharp rise in international oil prices.

As petroleum prices surged, prompting the government to raise fuel prices by more than 50%.

Amid rising prices, the government increased petroleum product rates twice during the first week of March, noting that the hikes exceeded the increase in international market prices. However, the sharpest increase was witnessed in April this year.

Last month, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4 per litre. A few days later, however, the prime minister, in a televised address, announced an Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.

Earlier this month, the government again increased the prices of both petrol and high-speed diesel by Rs26.77 per litre despite no corresponding increase in international rates, after imposing an additional levy of nearly Rs27 per litre on fuel.

A week later, petroleum product prices were increased once again, pushing rates close to Rs400 per litre. Subsequently, the Petroleum Division issued another notification earlier this month, raising prices by nearly Rs15 per litre.