The Pakistani government has announced a significant reduction in fuel prices, lowering the cost of both petrol and high-speed diesel in a move aimed at providing relief to consumers amid improving global energy market conditions.
Prime Minister Shehbaz Sharif confirmed on Friday that the price of petrol has been reduced by Rs74 per litre, while high-speed diesel has been cut by Rs67 per litre.
Under the revised pricing structure, petrol will now be sold at Rs299 per litre, down from Rs373, while the price of diesel has been reduced from Rs378 to Rs311 per litre.
Government Cites Global Oil Price Decline
In a statement issued by the Prime Minister’s Office, the government said the decision was made possible by the continued decline in global crude oil prices and a more favorable regional economic environment in South Asia.
According to the statement, the government intends to pass on the benefits of lower international energy costs directly to the public through reduced domestic fuel prices.
Savings Redirected to Public Relief
The prime minister said his administration had pursued strict austerity measures during recent economic challenges and managed to save approximately Rs129 billion from development expenditures.
“The savings have been redirected to provide direct relief to the people through support measures in the energy sector,”
the prime minister said.
He also noted that despite international market volatility and regional tensions, Pakistan had maintained an uninterrupted fuel supply across the country.
“No fuel shortages or long queues at filling stations were reported anywhere in the country,”
he added.
Coordination Prevented Supply Disruptions
Shehbaz Sharif credited close coordination between the federal and provincial governments for preventing any disruption in fuel availability.
He further stated that Pakistan’s diplomatic efforts and regional engagement had contributed to greater economic stability, particularly amid efforts to ease tensions in the Middle East.
Global Oil Prices Ease
The price reduction comes as international oil markets show signs of easing. Analysts have linked the decline to improving geopolitical conditions in the Middle East and expectations of more stable global energy supplies.
The resumption of commercial oil tanker traffic through the strategically important Strait of Hormuz has also contributed to lower prices for both Brent crude and West Texas Intermediate (WTI) oil.
Reversal of Earlier Price Hikes
Pakistan had previously increased fuel prices several times during the recent global energy crisis, with petrol and diesel reaching record highs following successive hikes in March and April.
The latest reduction marks one of the largest fuel price cuts in recent months and is expected to provide significant relief to households, businesses, and the transport sector.
Source: The Express Tribune
