ISLAMABAD – Prime Minister Shehbaz Sharif has approved a significant cut in the price of high-speed diesel, offering some relief to consumers amid ongoing economic pressures.
Under the new decision, the price of diesel has been lowered by Rs32.12 per litre, bringing the revised rate to Rs353.43 per litre. Officials said the move is part of broader efforts to ease the financial burden on the public.
In contrast, the government has opted to keep petrol prices unchanged, maintaining the current rate at Rs366.58 per litre.
According to officials, the prime minister has directed that the benefits of the price cut be transferred to consumers without delay, ensuring that the relief is felt as soon as possible.
A day earlier, Iran reopened Strait of Hormuz to all commercial vessels during a ceasefire period, and it quickly pushed oil prices down by nearly 10% amid easing fears over potential disruption in the world’s most critical oil artery.
Soon after the announcmenet, Brent crude dipped by $8.46 (8.5%) to $90.93 per barrel, while US West Texas Intermediate (WTI) sank $8.87 (9.4%) to $85.82. The downward spiral deepened across energy benchmarks, with WTI later sliding to around $84.00 (-11.29%).
