ISLAMABAD: Petrol prices in Pakistan are likely to decrease in the coming days as international oil prices continue to show a downward trend amid hopes of a possible US-Iran peace agreement. The expected reduction in fuel prices could provide much-needed relief to consumers already struggling with inflation and rising living costs across the country.
According to official sources, the initial calculations for revising petroleum prices have been completed, and the Oil and Gas Regulatory Authority (OGRA) is preparing its recommendations for the Petroleum Division. The summary will later be sent to Prime Minister Shehbaz Sharif for final approval before any official notification is issued.
Sources revealed that petrol prices may decrease by Re1 per litre, while high-speed diesel prices are expected to drop by Rs2 per litre. However, officials warned that the final decision depends on government policies regarding the petroleum levy, which could significantly affect fuel prices.
Reports suggest that if the government decides to increase the petroleum levy, petrol prices could rise by up to Rs15 per litre and diesel prices by as much as Rs16 per litre despite the decline in global crude oil rates. Currently, the government is charging a petroleum levy of Rs103.50 per litre on petrol and Rs28.69 per litre on diesel.
Federal Finance Minister Muhammad Aurangzeb stated that the Ministry of Petroleum would make the final announcement regarding revised petroleum prices. He added that the government is evaluating global oil market trends and considering measures to provide economic relief to the public.
Meanwhile, international oil prices experienced fresh volatility after renewed tensions between the United States and Iran raised concerns about stability in the Middle East. Analysts say uncertainty surrounding the Strait of Hormuz, a critical route for global oil transportation, continues to impact crude oil prices worldwide.
Economic experts believe that any sustained decline in global oil prices could help Pakistan reduce import costs, improve inflation control, and stabilize the local fuel market. Consumers across Pakistan are now waiting for the government’s final decision on the expected petrol and diesel price cut.
