ISLAMABAD: Fuel Prices have changed sharply as the federal government cut the price of high-speed diesel (HSD) by Rs32.63 per litre while increasing petrol by Rs2.97 per litre under the daily petroleum pricing model.
The new HSD price stands at Rs363.06 per litre, down from the previous rate, while petrol now costs Rs337.51 per litre.
Petroleum Minister Ali Pervaiz Malik announced the diesel reduction earlier on Wednesday, saying the government would pass the full benefit of the cut to consumers after local refineries agreed to its request.
Addressing a press conference alongside Federal Information Minister Attaullah Tarar, Malik said the government had held discussions with refinery representatives and thanked them for agreeing to the proposal.
The minister said he would also visit refineries in Karachi to thank their representatives for supporting the government’s efforts.
Malik said global fuel markets remained under pressure and highlighted difficulties facing diesel supplies internationally. He noted that even Russia, despite producing its own crude oil, was experiencing diesel-related challenges.
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He also linked the difficult market conditions to the renewed Iran-US conflict, saying the escalation had added further pressure to the global energy situation.
The petroleum minister said the country’s leadership was taking steps to manage the situation and expressed hope that the difficult period would pass.
Malik also said the government had provided targeted subsidies to support people during challenging economic conditions. Despite Pakistan remaining under an International Monetary Fund programme, he said the government had allocated Rs100 billion for public relief.
The latest adjustment means consumers will see a significant reduction in diesel costs, although petrol users will pay more at the pump.
