ISLAMABAD – Inflation-weary Pakistanis finally get big relief as petroleum prices dropped by Rs74/litre amid sharp decline in global oil prices and improving supply conditions in international markets.
According to the revised rates, the price of Petrol has been reduced by Rs74 per litre, falling from Rs373.78 to Rs299.78 per litre. Meanwhile, High-Speed Diesel (HSD) has become Rs67 per litre cheaper, with the new price set at Rs311.78 per litre compared to the previous Rs378.78.
The sharp decline in fuel prices comes amid easing international oil prices and is expected to provide relief to millions of consumers, transporters, and businesses across the country.
The cut comes as international oil prices have dropped to their lowest levels in nearly three months. Global markets reacted positively after tanker traffic resumed through the Strait of Hormuz, easing concerns over supply disruptions and pushing crude prices lower.
Adding to expectations of relief, Prime Minister Shehbaz Sharif told the National Assembly that the government intends to pass on the benefits of falling international oil prices to the public. He said a substantial reduction in petroleum prices would be announced after the latest review, reaffirming the government’s commitment to providing relief to citizens.
The development is dramatic turnaround from recent weeks when fuel prices surged amid regional tensions. Petrol, which stood at Rs258.17 per litre before the crisis, climbed to as high as Rs458.41 per litre before retreating to around Rs374 per litre. Diesel followed a similar trajectory, jumping from Rs275.70 per litre to a peak of Rs520.35 per litre before easing.
Last week, the government reduced petrol and diesel prices by Rs4 and Rs2 per litre, respectively. However, the latest proposed cuts are significantly larger and could deliver one of the most substantial reductions seen this year.
With global crude prices continuing to soften, consumers are now eagerly awaiting the official announcement, hoping for a major cut that could lower transportation costs, ease inflationary pressures and provide a much-needed boost to household budgets across the country.
