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Fuel prices for petrol and diesel drop as an Eid gift to the people
BY Mahnoor | 30-05-2026
ISLAMABAD: On Friday, the federal government announced that petrol and diesel prices will drop by Rs22 per litre.
The Ministry of Energy announced that the price of diesel and petrol will both drop by Rs22 per litre for the next week.
Prime Minister Shehbaz Sharif previously promised to give relief to the people once the government had enough money. Officials said this promise has now been met, and it is being given to the public as an “Eidul Azha gift” on the third day of the holiday.
The prime minister said that the government also helped people last week by lowering fuel prices. He repeated that making life cheaper for citizens is a main goal for the government.
Officials added that even though global oil prices have risen since March, the government kept local prices steady. They did this by paying over Rs130 per litre in subsidies to protect consumers from the full price hike.
They noted that while many nearby countries had fuel shortages and long lines at gas stations, Pakistan kept its fuel supply steady by taking quick action.
The government said it is working to save money while still helping the public and keeping fuel supplies steady nationwide.
Official news shows that diesel prices have dropped from Rs402.78 to Rs380.78. Similarly, petrol prices have decreased from Rs403.78 to Rs381.78.
Oil prices drop due to hopes for a peace deal
Oil prices dropped again on Friday because investors hoped the US and Iran would agree to extend their ceasefire.
Oil prices fluctuated this week as investors watched for possible peace deals between the U.S. and Iran that might reopen the important Strait of Hormuz shipping route.
Those hopes faded quickly after the US attacked Iran on Wednesday, which led the Revolutionary Guard to strike an American airbase in the area.
By Thursday night, negotiators were close to agreeing to extend their weak ceasefire for 60 days, if President Donald Trump approves, US sources told AFP.
Although there isn’t much information about the potential deal, Derren Nathan from Hargreaves Lansdown said oil traders hope this means the regional instability is finally ending.
Kathleen Brooks from XTB said that if a deal isn’t reached by early June, investors might lose patience. This could greatly affect oil prices and the recent rise in global stock markets.
