The federal government has announced a reduction in petroleum prices for the next fortnight, lowering both petrol and high-speed diesel (HSD) by Rs2 per litre, according to a notification from the Finance Division.
The new rates, set at Rs252.63 for petrol (down from Rs254.63) and Rs256.64 for high-speed diesel (down from Rs258.64), follow recommendations by the Oil and Gas Regulatory Authority (OGRA).
The new prices will come into effect from May 1, 2025.
Falling oil prices poised for biggest monthly decline since 2021
Oil prices fell on Wednesday and were set for their largest monthly drop in almost three and a half years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand.
Brent crude futures were down $1.16, or 1.81%, at $63.09 a barrel by 1:00 p.m. EDT (17:00 GMT). U.S. West Texas Intermediate crude futures dropped $2.38, also 3.94%, to $58.04.
So far this month Brent and WTI have lost about 15% and 18% respectively for the biggest percentage falls since November 2021.
