Eid-ul-Azha Gift: Government Slashes Petrol and Diesel Prices by Rs. 22 Per Litre

The federal government of Pakistan has announced a massive reduction in petroleum prices, cutting both petrol and high-speed diesel (HSD) by Rs. 22 per litre each. Released by the Prime Minister’s Office (PMO) on Friday, May 29, 2026, this substantial price drop serves as a special relief gift for citizens celebrating the third day of Eid-ul-Azha. Following the adjustment, the retail price of petrol has descended from Rs. 403.78 to approximately Rs. 381.78 per litre, while high-speed diesel has declined from Rs. 402.78 to around Rs. 380.78 per litre.

This development marks the second consecutive weekly reduction, following a drop of Rs. 6 to Rs. 7 per litre implemented just last week due to a cooling international oil market. Prime Minister Shehbaz Sharif stated that providing relief to the masses remains his administration's top priority, emphasizing that he has fulfilled his pledge to pass fiscal benefits directly to the public as soon as economic space allowed. The government continues to extend these fuel subsidies to protect lower and middle-class commuters relying on public transport, motorcycles, and rickshaws from inflationary pressures.

The pricing relief is expected to have a favorable cascading effect on the national economy by lowering transportation overheads and freight logistics across the country. While private vehicle owners stand to benefit heavily from the cheaper petrol rates, the severe cut in high-speed diesel prices will primarily help ease operational costs within the agriculture sector and the heavy transport grid. Officials from the oil and gas regulatory framework intend to persist with weekly status reviews to closely monitor market supplies and ensure the uninterrupted availability of petroleum products at all retail pumps nationwide.