Govt slashes petrol price by Rs74/litre, HSD by Rs67

MG News | June 19, 2026 at 06:08 PM GMT+05:00

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June 19, 2026 (MLN): The government on Friday declared a steep reduction in petroleum product prices, with petrol price cut by Rs74 per litre and high-speed diesel (HSD) by Rs67 per litre, as it moved to pass on the benefits of falling international oil prices to consumers.

Prime Minister Shehbaz Sharif made the announcement, bringing petrol price down to Rs299.78 per litre from Rs373.78, and HSD to Rs311.78 per litre from Rs378.78, the sharpest reduction in recent times.

The move comes on the back of a sharp decline in global crude prices, which tumbled after the United States and Iran reached a peace agreement, easing fears of a supply disruption through the Strait of Hormuz, a critical chokepoint through which a significant share of the world's oil passes.

The diplomatic breakthrough had sent Brent crude sharply lower in international markets, creating room for a substantial downward revision in domestic fuel prices.

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