ISLAMABAD – In an effort to provide relief to the public on the occasion of the New Year 2026, the government is considering a major reduction in petrol prices.
Reports said a decrease of up to Rs10.60 per liter is proposed for petrol starting January 1, 2026.
In addition to petrol, the government is considering an Rs8.59 per liter reduction in the price of high-speed diesel, a Rs9 per liter cut in kerosene oil, and a Rs6.62 per liter decrease in light speed diesel.
The Oil and Gas Regulatory Authority (OGRA) will send its working paper to the government for approval, after which a final decision will be made by the Ministry of Finance with the approval of Prime Minister Shehbaz Sharif.
The reduction in petroleum prices will be a significant relief for consumers, provided that the government does not impose additional levies or taxes.
Meanwhile, oil prices remained relatively stable on Tuesday in international market after a more than 2% rise in the previous session. This followed Russia’s accusation that Ukraine had targeted President Vladimir Putin’s residence, prompting investors to look for updates on peace talks between Ukraine and Russia to assess the likelihood of supply disruptions.
As of 0314 GMT, February delivery Brent crude futures, which were expiring on Tuesday, saw a slight decrease of 2 cents, trading at $61.92 per barrel. Meanwhile, the March contract for Brent crude was down by 5 cents, priced at $61.44 per barrel.
