In major relief for consumers, Pakistan slashes petrol price by Rs15.39 per liter

A worker pumps petrol in a motorbike at a fuel station in Rawalpindi on July 16, 2023. (AFP/File)
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Updated 15 May 2024
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In major relief for consumers, Pakistan slashes petrol price by Rs15.39 per liter

  • After Rs15.39 per liter reduction, new price of petrol has been set at Rs273.10 per liter
  • Finance Division says decision taken due to declining prices of petroleum products in global market

KARACHI: Pakistan’s government on Wednesday slashed the price of petrol by Rs15.39 per liter for the next 15 days, with the move expected to bring major relief for consumers in a country reeling from inflation over the past two years. 

Pakistan typically adjusts petroleum prices on a fortnightly basis, taking into account fluctuations in the international energy market and the rupee-dollar exchange rate. The latest decrease brings the price of petrol down from Rs288.49 to Rs273.10 per liter. 

According to an official notification by the Finance Division released on Wednesday night, the price of high-speed diesel has also seen a downward revision of Rs7.88 per liter, setting it at Rs274.08 from Rs281.96.

“The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight,” the Finance Division said in a press release. 

“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market. The prices of Motor Spirit & HSD for the next fortnight, starting from 16th May, 2024, are accordingly being lowered.”

Pakistan slashed prices of petrol by Rs5.45 per liter on May 1 due to declining prices of petroleum products in the global energy market. 

The South Asian country significantly increased fuel prices after securing a short-term, $3 billion loan from the International Monetary Fund (IMF) last year.

The rising rates also led to spiraling inflation in the country, though the government started offering relief to the people by gradually bringing down the petroleum prices.

Pakistan is already in talks with the International Monetary Fund (IMF) to secure another loan which is expected to be bigger in terms of size and duration.


Pakistan deputy PM speaks with Iranian FM as Saudi Arabia intercepts missiles and drones

Updated 06 March 2026
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Pakistan deputy PM speaks with Iranian FM as Saudi Arabia intercepts missiles and drones

  • Ishaq Dar expresses concern over evolving regional situation as both officials agree to remain in contact
  • Pakistan earlier reminded Tehran of its mutual defense pact with Saudi Arabia during diplomatic outreach

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with Iranian Foreign Minister Seyyed Abbas Araghchi on Friday amid escalating tensions in the Gulf, including recent missile and drone attacks targeting Saudi Arabia that were intercepted by the Kingdom’s air defenses.

The call comes as Islamabad remains in contact with both Tehran and Gulf states to prevent the widening Iran conflict from spilling further across the region, particularly after attempted strikes on Saudi territory, a sensitive development for Pakistan, which signed a mutual defense pact with the Kingdom last year.

Pakistan’s foreign ministry said Dar raised concerns about the evolving regional situation during the conversation.

“Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar spoke this evening with the Foreign Minister of Iran, Seyyed Abbas Araghchi,” the ministry said in a statement.

“The DPM/FM expressed concern over the evolving regional situation. The two agreed to remain in touch on the developments,” it added.

The ministry did not share details of the conversation, though it came amid fast-moving developments in the region, with Saudi Arabia saying its air defenses intercepted multiple missiles and drones early on Friday.

Earlier this week, Prime Minister Shehbaz Sharif’s adviser on political affairs Rana Sanaullah said Pakistan was in contact with Iran to discourage attacks on Gulf countries and prevent misunderstandings.

“Such attacks should not be carried out from Iran’s side,” he told Geo TV.

Prior to that, the deputy prime minister told Pakistan’s Senate that Islamabad had engaged both Iran and Saudi Arabia at the outset of Iran’s retaliation in the region, reminding Tehran of its defense agreement with Saudi Arabia and conveying assurances from Riyadh that Saudi territory would not be used against Iran.

Pakistan says its administration is striving to end the conflict, though the United States-Israeli strikes on Iran, which triggered the war and led to its spillover, have only intensified.

Iranian President Masoud Pezeshkian said on Friday some countries had begun mediation efforts but insisted Tehran would defend its sovereignty.

Meanwhile, US President Donald Trump has called for Iran’s “unconditional surrender” on his Truth Social platform as the confrontation shows little sign of easing.