Pakistan is poised to witness a notable decrease in petroleum prices as international crude oil rates continue to fluctuate downward. Sources indicate that petrol prices may fall by over Rs. 8 per litre, providing long-awaited relief to consumers grappling with high fuel costs.
According to early estimates, petrol prices are expected to decline by Rs. 8.27 per litre, while high-speed diesel (HSD) may see a reduction of Rs. 7 per litre. In addition, kerosene oil prices could drop by Rs. 7.47 per litre, and light diesel oil (LDO) may decrease by Rs. 7.21 per litre.
This significant drop follows a minor price cut last month, when the government reduced petrol prices by Rs. 1 per litre, bringing the rate down to Rs. 254.63 per litre, while diesel prices remained unchanged at Rs. 258.64 per litre. Prior to that, no changes were made during the mid-March review.
Global Oil Market Trends Drive Local Adjustments
The expected reduction is aligned with a broader global trend of declining oil prices, driven by a combination of increased supply, economic uncertainty, and shifting demand patterns. These factors have enabled the Pakistani government to pass on the benefits to the local market through adjusted fuel pricing.
Official Announcement Anticipated Soon
The official notification from the Ministry of Finance regarding the revised prices is expected within the next review cycle. The new prices, once confirmed, will come into effect for the second half of April 2025.
Public Reaction and Economic Impact
Consumers and transporters have welcomed the anticipated drop, expecting lower fuel prices to ease inflationary pressure on essential goods and services. Economists suggest that if the trend continues, it could help stabilize cost-of-living challenges and slightly improve disposable incomes in the coming weeks.
