ISLAMABAD: The federal government has issued a notification announcing an increase in petroleum product prices.
According to the notification released by the Petroleum Division, the prices of petrol and diesel have been raised by Rs26.77 per litre.
Following the increase, the new price of petrol has been set at Rs393.35 per litre, while diesel will now cost Rs380.19 per litre.
The Petroleum Division stated that the revised prices of petrol and diesel will come into effect from midnight.
Earlier, Prime Minister Shehbaz Sharif had announced a significant reduction in fuel prices during a televised address to the nation, unveiling one of the steepest diesel price cuts in recent months alongside a petrol price decrease.
Sharif confirmed that the price of diesel has been reduced by Rs135 per litre, bringing the new rate down to Rs385 per litre. Petrol prices have been cut by Rs12 per litre, lowering the rate to Rs366 per litre.
The prime minister said the government had fulfilled its commitment to pass on the benefit of declining global oil prices to the public.
He noted that despite intense inflationary pressures in recent months, the administration had prioritised relief measures to ease the burden on households and businesses.
Sharif revealed that subsidies amounting to Rs129 billion had already been provided to support consumers.
