Diesel | Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs32.12 per litre in diesel prices while keeping petrol rates unchanged for the week ending April 24, passing on the impact of easing global prices following the ceasefire announced by the United States and Iran. The last-minute reopening of the Strait of Hormuz and the resulting 12-13 per cent decline in global prices were not taken into account before the prime minister approved the diesel price cut through a written statement. The sharp fall, which came soon after the agreement between the US and Iran, along with further expected reductions in the coming days, is likely to be reflected in domestic prices next week. Accordingly, the ex-depot price of high-speed diesel (HSD) has been fixed at Rs353.42 per litre, down from Rs385.54, marking a decline of 8.3pc. Diesel prices have dropped significantly from their peak of Rs520.35 on April 10. HSD is considered the most inflationary fuel due to its widespread use in freight transportatio...