Govt slashes petrol, diesel prices by Rs22 per litre each

The federal government has decided to cut the prices of petrol and diesel by Rs22 per litre each, read a statement issued by the Prime Minister's Office on Friday.

In a statement posted on X, Prime Minister Shehbaz Sharif said providing relief to the public remained among his "top priorities".

The federal government described the reduction as a gift to the nation on the third day of Eid ul Adha.

It noted that relief had also been extended last week when petrol and diesel prices were reduced.

"Even in the most stringent circumstances, the federal government continued the series of relief for the public and provided subsidies on fuel for public/goods transport and for those using motorcycles and rickshaws," it said.

During the worst global oil crisis, the prime minister provided a subsidy of over Rs130 per litre, preventing an increase in domestic fuel prices and extending relief to consumers, the PMO statement added.

The reduction in domestic fuel prices comes amid a decline in global oil prices, boosted by optimism that the United States and Iran will reach a deal to end their war that has hobbled global energy supplies.

During Friday morning trading in Asia, the price of Brent crude was down 0.9% to around $93 a barrel, while primary US benchmark West Texas Intermediate shaved 1.1% to just below $88 a barrel, AFP reported.

This is a developing story and is being updated with further details.