Petroleum product prices in Pakistan are expected to see a significant reduction following a sharp decline in global oil markets, offering potential relief to consumers burdened by rising inflation.
According to industry sources, petrol prices could decrease by up to Rs55 per litre, while diesel prices may witness a substantial cut ranging between Rs95 and Rs100 per litre. The anticipated reduction comes after international crude oil prices dropped notably in recent days.
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The final decision regarding the revised prices will be made by Shehbaz Sharif, who is also expected to address the nation later today. During his speech, the prime minister is likely to outline the government’s strategy on petroleum pricing and consumption management.
The global oil market saw a strong positive reaction after Donald Trump announced a two-week ceasefire agreement with Iran. The development eased geopolitical tensions and led to a sharp fall in crude oil prices.
As a result, Brent crude prices dropped by over $17 per barrel, falling from around $112 to nearly $94. Similarly, US West Texas Intermediate (WTI) crude declined by more than $19 per barrel, settling close to $96.
These international price shifts directly influence domestic fuel rates in Pakistan, which are adjusted periodically based on global trends and exchange rates.
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If approved, the proposed price cuts would provide much-needed economic relief to the public and could also help ease transportation and production costs across various sectors.
However, officials note that the final announcement will depend on government approval and broader fiscal considerations. Citizens now await the prime minister’s address for confirmation of the expected price reduction.