The new prices of petrol and diesel after the reduction are Rs258.16 and 267.89 respectively.

The decision was announced as day before the fortnightly revision, which was scheduled for June 15.

This comes two days before Pakistan celebrates Eidul Azha. The federal government has announced three holidays for the occasion.

On June 1, the government reduced the rate of petrol by Rs4.74 and the diesel price by Rs3.86. “So far, a relief of Rs35 rupees per litre of petrol has been provided to the public,” the PM’s Office said.

International oil futures prices edged higher on Friday and were on course for their best week in months, supported by forecasts for solid crude oil and fuel demand in 2024, Reuters reported.

Brent crude futures were up 12 cents at $82.87 a barrel at 1:34pm EDT (1734 GMT). West Texas Intermediate (WTI) US crude futures were up 7 cents at $78.69.

Brent and the US benchmark have gained roughly 4% over the week, which if sustained would mark both benchmarks’ highest weekly rise in percentage terms since April.

Although prices were up on Friday, an unexpected deterioration of US consumer sentiment capped gains.

US consumer sentiment weakened in June to a seven-month low as inflation and income worries linger, a survey showed on Friday.