Reduction of gasoline by RS2 per liter for the next fortnight as global oil markets

• Movement follows adjustments to global oil prices, the stability of exchange rates.
• After cutting, gasoline sold in RS252.63 per liter, below Rs254.63.
• HSD now costs RS256.64 per liter, compared to the previous RS258.64.

ISLAMABAD: In an effort to provide consumers relief, the federal government on Wednesday reduced the prices of the diesel engine and diesel oil spill (HSD) by RS2 per liter for the next fifteen days, amid subtle international oil markets.

Oil prices expanded reductions on Wednesday and set for their largest monthly decline in almost three and a half years.

The world trade war has eroded the prospects for fuel demand, while the concern for increasing supply also weighs.

The Brent slow future decreased by 77 cents, or 1.2%, to $ 63.48 a barrel by 1305 GMT. The US West Texas Intermediate Futures Futures decreased 74 cents, also 1.2%to $ 59.68.

The revised percentages, which are mainly based on recommendations by the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries and approved by the federal government, will enter into force on 1 May 2025, according to a notification issued by the Ministry of Finance.

After the cut, gasoline will be sold in RS252.63 per liter, below RS254.63, while high -speed diesel will now cost RS256.64 per liter, compared to the previous rate of RS258.64.

The decision follows minor adjustments to global oil prices and the stability of foreign exchange rates, with the government transferring the impact on consumers on the framework of the two -week price review mechanism.

Fuel prices are revised every 15 days, taking into account the trends of the international market and fluctuations in exchange rates.

For the previous fortnight, the federal government has announced that fuel prices will remain unchanged and savings will be diverted to infrastructure projects.

Prime Minister Shehbaz Sharif, chaired by a federal cabinet meeting, said the funds would be used to fly the N -5 motorway connecting Chaman, Quetta, Khuzdar and Karachi, upgrading the standards.

In addition, savings will help fund the construction of M-6 and M-9 motorways (Sukkur-Hyderabad and Hyderabad-Karachi) and the completion of Phase 2 of the Kachhi channel to promote agricultural growth in Backedan.