Islamabad, May 29, 2026: The federal government on Friday announced a major reduction of Rs22 per litre in the prices of petrol and high-speed diesel (HSD), providing significant relief to consumers amid declining global oil prices.
The latest cut comes just a week after the government reduced petroleum prices by Rs6-7 per litre for the week ending May 29.
Following the previous reduction, the price of petrol stood at Rs403.78 per litre, while high-speed diesel was priced at Rs402.78 per litre. After the newly announced decrease, petrol is expected to cost around Rs381 per litre, while the price of HSD has been reduced to approximately Rs380 per litre.
The reduction was announced through a statement issued by the Prime Minister’s Office (PMO), which said Prime Minister Shehbaz Sharif had fulfilled his commitment to pass on the benefits of falling international oil prices to the public.
“The Prime Minister had promised to provide relief to the people as soon as fiscal space became available, and that promise has now been fulfilled,” the statement said.
According to the PMO, the government decided to reduce the prices of both petrol and diesel by Rs22 per litre in order to ease the financial burden on citizens.
The statement quoted Prime Minister Shehbaz Sharif as saying that providing relief to the public remains his government’s top priority.
The PMO also highlighted that fuel prices had already been reduced last week and noted that the federal government has been extending subsidies for public transport, goods transportation, motorcycles and rickshaws.
Petrol is primarily consumed by private vehicles, motorcycles and rickshaws, making its price particularly important for middle- and lower-middle-income households. High-speed diesel, meanwhile, is widely used in heavy transport vehicles, agriculture and industrial generators.
The government has been revising petroleum prices every Friday night in response to fluctuations in global oil markets, particularly following the now-paused US-Israel conflict involving Iran that began on February 28.
