ISLAMABAD: The federal government has slashed the fuel prices by Rs5 per liter. According to Petroleum Division notification, the price of petrol has been reduced by Rs 5 per litre, bringing the new rate to Rs 409.78 per litre.
The price of diesel has also been reduced by Rs 5 per litre, after which the new rate stands at Rs 409.58 per litre.
The government has been changing petrol prices every Friday night since the US-Israeli war on Iran started on February 28. The war caused a global fuel shortage because the Strait of Hormuz, a route that carried one-fifth of the world’s oil and gas, was closed.
Last week, petrol prices went up by Rs14.92 per litre and diesel by Rs15 per litre.
Right after the war began, the government raised petrol and diesel prices by Rs55 per litre on March 6 and announced strict cost-cutting measures on March 9.
In the weeks that followed, Prime Minister Shehbaz said he rejected three separate proposals to raise fuel prices further, even though global prices kept rising.
