ISLAMABAD: The government on Friday night reduced the petrol price by Rs4 per litre, bringing the new rate to Rs377.78, according to an official notification.
However, the price of high-speed diesel (HSD) remained unchanged and continues to be fixed at Rs380 per litre.
The notification confirmed that the revised petroleum prices will take effect from June 06.
Earlier, market speculation had suggested further changes in the upcoming fortnightly review, with reports indicating petrol prices could be reduced by up to Rs10 per litre and diesel by up to Rs30 per litre, depending on global oil trends and import costs.
Officials had also indicated that the Prime Minister was expected to approve the latest price revision, after which the Petroleum Division would issue a formal notification.
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Meanwhile, the petroleum dealers in Pakistan gave the government a 48-hour deadline to respond to their demand for an increase in commissions, warning that a major decision regarding petrol pump operations nationwide could follow if no action is taken.
The Chief Advisor to the Petroleum Dealers Association, Malik Khuda Bakhsh, has said operating petrol stations under the current commission structure had become impossible, leaving dealers under severe financial pressure.
He further said that the association would send a final letter to the petroleum minister, outlining its demands. If the government fails to respond promptly, the association’s committee will announce its next course of action.
According to the dealers, diesel sales fell by nearly 30 percent in May, while smuggled fuel has increasingly dominated the market.
They claim diesel sales across the country have been severely affected as a result.
Five oil refineries have formally alerted the government to the growing impact of petrol smuggling and warned that declining diesel sales are causing storage facilities to reach capacity.