The federal government on Friday kept the prices of petrol and high-speed diesel unchanged from the current level for the next week.

According to a press release from the Petroleum Division, the petrol price remains Rs299.5 per litre while HSD is Rs311.47.

This is despite continuously falling oil prices in the international markets. Crude prices ​sank 2% today and were headed for steep weekly losses amid easing supply concerns as ‌more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.

Last week, the government announced a reduction in petroleum prices, saying the price of petrol had been cut by Rs74 per litre, while HSD was reduced by Rs67 per litre.

The premier had said the government was immediately passing on the benefit of improved regional economic conditions and lower global oil prices to the public, adding that, "Whatever promise was made to the nation, Alhamdulillah, we are about to fulfil it."

The prime minister had said that the reductions in global oil prices were being directly passed on to the people and that the government would continue efforts to maintain economic stability and reduce inflation.

As global oil prices surged after the US-Iran war, the government had raised domestic fuel prices by more than 50%. Petroleum product rates were increased twice during the first week of March, with the government stating that the hikes exceeded the increase in international market prices. The sharpest increase, however, was witnessed in April.

In April, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4 per litre. Days later, the premier had announced an Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.

On June 12, the government cut the price of petrol by Rs4 per litre and that of high-speed diesel by Rs2 per litre for the next week. Earlier on June 5, the government reduced the price of petrol by Rs4 per litre. Before that, the government reduced the prices of petrol and diesel by Rs22 per litre, describing the move as an “Eid gift” for the public.