Petrol and Diesel Prices Likely to Drop in Pakistan Following Global Oil Market Dip
Islamabad: Following the United States–Iran ceasefire and the subsequent decline in global oil prices, Pakistan may see a significant reduction in petroleum product prices. Sources indicate that petrol could drop by up to Rs55 per liter, while diesel prices are expected to decrease by Rs95–100 per liter. Any final decision on the reduction will be made by Prime Minister Shehbaz Sharif.
Prime Minister Shehbaz Sharif is expected to address the nation today, discussing Pakistan’s diplomatic efforts for peace in the region, the government’s strategy for petroleum pricing and consumption, and measures to address the energy crisis while encouraging fuel conservation. He is also likely to appeal to the public for national unity and responsibility during challenging times.
Analysts noted that Pakistan’s successful diplomacy has had positive global effects. Following the ceasefire, international oil markets have seen crude prices fall by up to 19%. Brent crude has dropped by $17.31 per barrel, from $112 to $94.69, while US WTI crude has fallen from $115 to $96.73 per barrel.
Prime Minister Shehbaz Sharif announced that the benefits of lower oil prices would be immediately passed on to the public. He called the ceasefire between the US and Iran a historic success for Pakistan, describing the day as “momentous” and giving thanks for the achievement. Further measures to ensure the price reduction reaches the public will be discussed in upcoming cabinet meetings.
