Prime Minister Shehbaz Sharif has approved a reduction in diesel prices to provide immediate relief to the public, his office said on Friday.
The decision lowers diesel prices by Rs 32.12, bringing the rate down from Rs 385.54 to Rs 353.43 per litre.
The prime minister directed that the benefits of the fuel price reduction be passed on to the public as quickly as possible.
The new price will come into effect from midnight.
Oil prices fell markedly following the announcement that the Strait of Hormuz has been reopened.
According to details, US crude dropped by 10.58 per cent, declining from $93.61 to $84.70 per barrel. British crude also recorded a 10 per cent fall, easing from $98.33 to $88.87.
US President Donald Trump, in a statement on social media, said Iran had announced that the Strait of Hormuz had been fully reopened and was ready for all forms of traffic, adding his thanks.
Shortly before this, Reuters reported that Pakistan’s oil vessel ‘Shalamar’ had departed the United Arab Emirates carrying 80 million litres of oil, passed through the Strait of Hormuz, and was en route to Karachi, where it is expected to reach port within two days.