Petrol price in Pakistan cut by Rs4.47 to Rs 268.36/litre

ISLAMABAD: Petrol price in Pakistan has been reduced by Rs4.47 to Rs 268.36 per litre whereas the price of diesel by Rs3.86 to Rs 270.94 per liter.

According to the details, the Finance Ministry reduced prices of petroleum products after Prime Minister Shehbaz Sharif’s approval.

The prices of petroleum products will be applied from 12am tonight (June 1) for the next 15 days.

Moreover, the US dollar rate in Pakistan weakened by Re0.17 (17 paisa) against Pakistani rupee to Rs278.33 in the interbank market on Friday (May 31).

In recent weeks, the local currency has largely been around 277-278 against the dollar as Pakistan moves forward with its plan to grab a longer and larger International Monetary Fund (IMF) bailout programme.

Globally, the US dollar was licking wounds against peer currencies on Friday after a downward revision to US GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data.

Gold price in Pakistan increased by Rs500 to Rs241,700 per tola in the local market.

The movement is closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

Internationally also, the gold price also witnessed an increase of seven dollars to reach 2342 dollars per ounce.