Govt cuts petrol price by Rs4, diesel Rs2 per litre

• Price of petrol has been reduced to Rs373.78.
• High-speed diesel price comes down to Rs378.78.
• Govt reviewing petroleum prices on weekly basis.
  

ISLAMABAD: The federal government has slashed the prices of petrol and diesel by Rs4 and Rs2 per litre, respectively, for the week ending June 19.

According to a notification issued by the Petroleum Division on Friday, the new fuel prices will be effective from June 13.

Following the reduction, the price of petrol has been reduced to Rs373.78 from Rs377.78, while high-speed diesel price came down to Rs378.78 from Rs380.78.

Last week, the federal government reduced the petrol price by Rs4 per litre, while keeping the price of HSD unchanged.

The government has been reviewing petroleum prices on a weekly basis since the US-Israeli conflict with Iran on February 28.

The conflict also triggered a global fuel crunch after the closure of the Strait of Hormuz, a key route through which around one-fifth of the world's oil and gas supplies pass during peacetime.

Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle-class households, who rely on petrol for daily travel.

On the other hand, a significant portion of the transport sector relies on high-speed diesel. Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.