ISLAMABAD: In a welcome move for consumers, the federal government has announced a price cut for major petroleum products. Effective Saturday, May 16, the prices of petrol and High-Speed Diesel (HSD) will decrease by Rs 5 per litre each following the latest weekly review.
The Petroleum Division states that following slash in both (petrol and HSD) prices, the petrol price has dropped from Rs 414.78 to Rs 409.78 per litre, whereas, HSD price has reduced from Rs 414.98 to Rs 409.98 per litre.
This relief comes shortly after a significant hike in the Petroleum Levy (PL). During the May 9 review, the government raised the levy by Rs 13.91 per litre to meet conditions for an IMF board meeting, which subsequently approved a USD1.3 billion disbursement for Pakistan. Currently, the government has collected a combined petroleum levy of Rs 160 per litre,
The local price cut arrives despite a volatile international market. Since May 9, 2026, Brent crude oil has averaged approximately USD106.90 per barrel. Global prices have remained high and unstable due to stalled peace negotiations and persistent supply concerns originating from the Middle East.
Copyright Business Recorder, 2026