Rs32 | 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...

The government on Friday reduced the price of diesel by Rs32.12, according to a statement issued by the Prime Minister’s Office (PMO). The statement said that Prime Minister Shehbaz Sharif had decided to provide relief to the nation and approved a reduction of Rs32.12 in the price of diesel. “After the approval, the price of diesel has decreased from Rs385.54 to Rs353.43,” the statement said. “The effects of the reduction in oil prices will be conveyed to the public as soon as possible,” the premier was quoted as saying. The statement did not make any mention of the price of petrol, which was set at Rs366.58 per litre last week. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of the middle and lower-middle class. High-speed diesel is mainly used in the heavy transport sector and for large generators. After the US-Israeli war on Iran began, the government had initially hiked petrol and diesel prices by Rs55 per litre on March 6 and a...