ISLAMABAD: Pakistan is expected to reduce petroleum prices by Rs30 to Rs60 per litre after a sharp decline in global oil markets following the ceasefire between Iran and the United States. The development has prompted the government to review domestic fuel rates in line with falling international prices.
Prime Minister Shehbaz Sharif has issued special instructions to ensure that the benefit of reduced global oil prices reaches the public. Consequently, the finance and petroleum ministries have begun consultations on revising fuel prices. Officials said authorities will finalize the decision after monitoring crude oil trends over the next two days.
Meanwhile, sources confirmed that petroleum product prices have dropped by around 16 percent in the international market since the ceasefire announcement. As a result, the federal cabinet also discussed potential price adjustments during a recent meeting, where it reviewed the country’s existing petroleum reserves.
Earlier, petrol prices in Pakistan surged to a record Rs458.41 per litre on April 3, triggering widespread public backlash. Citizens expressed frustration over the steep increase, while traders warned of protests, and rights groups urged the government to provide relief.
In response, the government reduced the petroleum levy, bringing the price down to Rs 378 to 380 per litre. Additionally, authorities introduced targeted subsidies for motorcyclists and transport sectors to ease the burden.
However, despite these measures, the earlier price hike continues to affect inflation, with rising transport costs likely to push up food and construction prices. Therefore, the expected reduction in fuel prices could provide much-needed relief to consumers across the country.
