Govt slashes petrol, diesel prices by Rs5 per litre for next week
The government on Friday slashed the price of petrol and high-speed diesel (HSD) by Rs5 per litre each for the next week. In a notification issued on Friday, the Petroleum Division said new fuel rates will come into effect from May 16. Following the decrease, the price of petrol stands at Rs409.78 per litre and HSD at Rs409.58. In the previous weekly review, the government raised the price of petrol by Rs14.92 per litre and HSD by Rs15. The government has been reviewing petroleum prices on a weekly basis since the US-Israeli conflict with Iran on February 28. The conflict also triggered a global fuel crunch after the closure of the Strait of Hormuz, a key route through which around one-fifth of the world’s oil and gas supplies pass during peacetime. Global oil prices gained more than 3% on Friday, climbing more than $3 a barrel, after comments by US President Donald Trump and Iran's foreign minister further dented hopes of a deal to end ship attacks and seizures around the St...