ISLAMABAD – Global crude oil witnessed negative trajectory last week as prices moved down around 3 percent, prompting Pakistanis to expect relief in the upcoming fortnight review.
Globally, Brent crude hovers around $66.60 per barrel, and US West Texas Intermediate (WTI) crude at $62.85 per barrel amid a surge in production by OPEC+ and a potential ceasefire in the Russia-Ukraine conflict, which could boost global oil supply.
While drop in global oil prices typically leads to lower domestic fuel costs, the Pakistani government’s recent decisions removed the cap on petroleum levy. This move grants the government the authority to adjust the levy at will, without any restrictions.
Reports in local media said the federal government will likely to maintain fuel prices at their current levels for first half of May, citing the need to stabilize the domestic market and manage fiscal policies.
Petrol Price in Pakistan
| Products | Price per Liter |
|---|---|
| Petrol | 254.63 |
| High-Speed Diesel (HSD) | 258.64 |
Consumers had hoped for a reduction in fuel prices following the global oil price decline. However, with the government’s decision to maintain current prices, any immediate relief appears unlikely.
