The government announced a major reduction in diesel prices after successful negotiations with oil refineries. The proposed reduction could reach Rs. 32 per litre.
Petroleum Minister Ali Pervez Malik confirmed the development on Wednesday. He said refineries accepted the government’s request following several virtual meetings.
Prime Minister Shehbaz Sharif had directed the petroleum ministry to negotiate with refineries. The government sought relief for consumers amid rising international fuel prices.
OGRA to Determine Final Diesel Reduction
Malik said the Oil and Gas Regulatory Authority (OGRA) would calculate the final reduction. The regulator will announce the revised diesel price after completing its assessment.
Information Minister Attaullah Tarar also confirmed the expected reduction. He said OGRA would soon announce a Rs. 32 per litre cut.
Tarar said the prime minister chaired a meeting earlier Wednesday. He instructed petroleum officials to negotiate with refineries for possible consumer relief.
Diesel Cut Expected to Lower Transport Costs
Tarar said the government understands the financial difficulties facing consumers. International oil prices have increased amid ongoing conflict in the Middle East.
He recalled that the government previously provided subsidies and targeted relief measures. The government also spent Rs130 billion to contain fuel price increases.
The information minister described the latest reduction as significant relief for the public. Diesel remains widely used by goods transporters and public transportation operators.
Therefore, lower diesel prices could reduce transportation costs and ease consumer pressures. Tarar also expected the reduction to support broader economic activity.
He expressed optimism about further positive developments in the coming days. The government now awaits OGRA’s final calculation before announcing the official price.
