The Pakistani government has reduced the prices of petrol and diesel by Rs1.97 per litre, effective immediately for the week ending July 10.This adjustment follows lower global prices and aims to alleviate inflationary pressures.High-speed diesel (HSD) prices dropped from Rs311.47 to Rs309.50, while petrol prices fell from Rs299.50 to Rs297.53.The diesel price has decreased significantly from its peak of Rs520.35 in April, reflecting a cumulative reduction of about Rs109 per litre.The government also adjusted petroleum levies, doubling the climate support levy to Rs5 per litre while reducing the petroleum levy.

These changes impact the overall taxation structure, with diesel now bearing Rs80 per litre in petroleum levy and petrol at Rs70, plus additional levies.

The price cuts are part of broader economic strategies to manage inflation and align with IMF conditions, though they remain below the peak levels seen earlier in the year.The move is expected to ease costs for consumers and industries reliant on these fuels.