The federal government on Friday night reduced the prices of petrol and diesel by Rs. 4/liter and Rs. 2/liter, respectively, for the week ending June 19.
In a notification, the Petroleum Division said the new fuel prices would come into effect from June 13.
Following the reduction, the ex-depot price of petrol has reduced to Rs. 373.78/liter from Rs. 377.78/liter, while that of high-speed diesel has come down to Rs. 378.78/liter from Rs. 380.78/liter. According to the Petroleum Division, the price of kerosene oil has been increased by Rs. 1.49/liter to Rs. 282.19/liter.
The government switched from a fortnightly review to a weekly review of petroleum prices following the Iran war, triggered by joint U.S.-Israeli strikes on Feb. 28. The conflict has caused global fuel supply constraints, as Tehran blockaded the Strait of Hormuz, a vital shipping lane through which roughly a fifth of world’s oil and gas supplies pass.