Pakistan slashes petrol price by Rs4 amid confusion about bigger cut

An employee prepares to fill petrol in a vehicle at a fuel station in Karachi on September 1, 2023. (AFP/File)
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Updated 01 June 2024
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Pakistan slashes petrol price by Rs4 amid confusion about bigger cut

  • The confusion stemmed from a statement issued by PM Sharif's office saying he had directed authorities to reduce petrol price by Rs15.4
  • Finance Division says the Oil & Gas Regulatory Authority has worked out new prices, based on price variations in the international market

KARACHI: The Pakistani government on Saturday reduced the price of petrol by Rs4 per liter, the Finance Division announced, amid confusion about bigger cuts in petroleum prices.

The confusion stemmed from a statement issued by Prime Minister Shehbaz Sharif's office that said late Friday the premier had directed authorities to reduce petrol price by Rs15.4 and diesel by Rs7.9.

However, the price of petrol was slashed by only Rs4.74, while that of hi-speed diesel was reduced by Rs3.86, according to a notification issued by the Finance Division early Saturday.

"The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight," the notification read. "The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market."

A liter of petrol now costs Rs268.36, while that of high-speed diesel sells for Rs270.22.

Pakistan revises petroleum prices every fortnight. On May 15, the Pakistani government slashed the price of petrol by Rs15.39 per liter in view of declining global energy prices, bringing major relief to consumers reeling from record inflation over the past two years.

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 IMF to secure another loan which is expected to be bigger in terms of size and duration.


Pakistan joins OIC, Islamic nations to reject Israel’s recognition of Somaliland

Updated 28 December 2025
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Pakistan joins OIC, Islamic nations to reject Israel’s recognition of Somaliland

  • Foreign ministers of 21 Islamic nations, OIC issue joint statement to condemn Israel’s move to recognize breakaway African region
  • Joint statement describes Israel’s move as a “grave violation of the principles of international law and the United Nations Charter“

ISLAMABAD: Pakistan on Sunday joined the Organization of Islamic Cooperation (OIC) and other Arab and Islamic nations in condemning Israel’s recognition of Somaliland, a breakaway African region, calling it a violation of international law and reaffirming its support for the sovereignty and territorial integrity of Somalia. 

Israel this week announced it had recognized Somaliland — a self-declared region that broke away from Somalia in 1991 but has not previously been recognized by any United Nations member state — triggering condemnation from Somalia and criticism from regional bodies.

The joint statement shared by Pakistan’s foreign ministry on Sunday was endorsed by the foreign ministers of 20 other Muslim countries including Jordan, Egypt, Saudi Arabia, Palestine, Qatar, Libya, Iran, Iraq, Türkiye, Yemen and others as well as the OIC. 

“Their unequivocal rejection of Israel’s recognition of the ‘Somaliland’ region of the Federal Republic of Somalia on 26 December 2025, given the serious repercussions of such unprecedented measure on peace and security in the Horn of Africa, the Red Sea, and its serious effects on international peace and security as a whole, which also reflects Israel’s full and blatant disregard to international law,” the joint statement said. 

The statement said Israel’s recognition constitutes a “grave violation of the principles of international law and the United Nations Charter,” pointing out that it reflects Tel Aviv’s expansionist agenda.

The Muslim states said they reject any measures that undermine Somalia’s unity, territorial integrity or sovereignty over its entire territory.

“The full rejection of any potential link between such a measure and any attempts to forcibly expel the Palestinian people out of their land, which is unequivocally rejected in any form as a matter of principle,” the statement said.

The statement was referencing international media reports earlier this year that said Israel and the US had reached out to East African states, including Somaliland, to take in Palestinians from Gaza.

Pakistan’s foreign office on Saturday issued a separate statement condemning Israel’s recognition of Somaliland. 

“Pakistan strongly condemns any attempts to undermine the sovereignty, unity, and territorial integrity of Somalia, and rejects, in this regard, the announcement made by Israel recognizing the independence of the so-called Somaliland region of the Federal Republic of Somalia,” the foreign office had said. 

Somalia’s government has said Israel’s recognition of Somaliland violates its sovereignty, while the African Union has opposed unilateral recognition of breakaway regions on the continent.

Israeli Prime Minister Benjamin Netanyahu said on Friday his country had recognized Somaliland “in the spirit of the Abraham Accords,” referring to US-brokered deals that helped establish ties between Israel and Arab states.