In a major relief for the inflation-ridden country, the federal government has approved a $15.39 per liter cut in gasoline prices for the next two days, in line with global oil prices.
After the latest discount, the price of gasoline dropped from $288.49 to $273.10 per liter.
In addition, the price of high-speed diesel fell by $7.88 per liter to $274.08 from $281.96.
“The Oil and Gas Regulatory Authority (Ogra) has set prices for consumers based on price fluctuations in the international market,” a statement issued by the finance department said.
According to an official notification issued by the finance department on Wednesday, the new fuel prices will be effective from May 16 (Thursday).
The price of petroleum products has fallen in the international market in the last two and a half years.
This is the second relief in a row this month. On May 1, 2024, the authority reduced the price of gasoline by $5.45 per liter, from $288.49 per liter to $293.94 per liter.
Similarly, diesel prices fell by $8.42 per liter on May 1 to $281.96 from $281.96.
Gasoline prices have fallen worldwide, with government and industry sources saying Pakistani refiners and oil marketing companies expect consumption to increase from May 16 due to the latest price cuts and an end to the flow of smuggled oil. products from Iran in the last 10 days.
