LAHORE (RNN TV) — The federal government, under Prime Minister Shehbaz Sharif’s leadership, is expected to announce a significant reduction in petrol prices, potentially cutting rates by up to Rs12 per litre, effective April 16.
If approved, petrol prices will decrease from the current Rs254.63 to around Rs242–243 per litre, while high-speed diesel (HSD) could drop from Rs258.64 to approximately Rs248–250 per litre.
This expected relief comes in response to a sharp decline in global oil prices. Brent crude has fallen from $74.95 per barrel earlier this month to $60.12, a drop of over $14, driven by reduced global demand, economic slowdowns, and a weaker outlook for commodities.
A senior official from the Oil and Gas Regulatory Authority (OGRA) confirmed that a recommendation for the price reduction has been prepared and will soon be submitted to the Ministry of Finance. Pending approval from both the finance ministry and the Prime Minister’s Office, the new prices are expected to take effect at midnight on April 16.
This anticipated reduction would provide much-needed relief to consumers and businesses, offering a break from the rising costs that have been impacting the economy.
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