Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs135 per litre in the price of high-speed diesel and a cut of Rs12 per litre for petrol.
Addressing the nation late on Friday night, PM Shehbaz said diesel would be available at Rs385 per litre and petrol at Rs366 per litre from 12am on Saturday.
Moreover, he said targeted subsidy initiatives announced by the government following the fuel crisis resulting from the Middle East crisis would not be discontinued.
Last month, the government increased the prices of petroleum products by Rs55 per litre, citing a rise in international market rates amid the US-Iran war in the Middle East.
Officials said that for the next three weeks, the government refrained from further price increases, with the prime minister bearing the brunt of the adjustment by providing a subsidy of Rs129 billion.
However, on April 2, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4, while also increasing the price of high-speed diesel to Rs520.35 per litre – an increase of Rs185 per litre or 55 per cent.
Shortly after the announcement, within 24 hours, PM Shehbaz reduced the petroleum levy on petrol by Rs80 per litre, bringing the petrol price down to Rs378 per litre.