Fuel Relief Tied to Global Oil Slide as Pakistan Cuts Diesel Price
News Desk
Islamabad: Pakistan has reduced diesel prices significantly in response to a sharp decline in global oil markets, linking domestic relief to easing geopolitical tensions and improved supply outlooks.
Prime Minister Muhammad Shehbaz Sharif approved a reduction of Rs32.12 per litre in diesel prices, bringing the new rate down to Rs353.43 from Rs385.54. The move is aimed at passing on the benefit of falling international oil prices to the public.
According to officials, while diesel prices have been cut, petrol rates will remain unchanged for the next seven days starting April 18. The government has opted for a staggered approach to fuel pricing adjustments, despite broader downward pressure in global markets.
Read More:https://thepenpk.com/petrol-rs321-diesel-rs336-prices-remain-unchanged/
The price cut follows a dramatic drop in international oil prices, which fell by nearly 13% amid signs of de-escalation in the Middle East. Iran’s announcement that the Strait of Hormuz would remain open for commercial shipping during a ceasefire period eased fears of supply disruptions, a key factor driving oil market volatility.
Brent crude dropped to around $86 per barrel, while US West Texas Intermediate crude fell to nearly $81—both marking their lowest levels since early March and registering their steepest daily declines in recent weeks.
Energy analysts suggest that stability in the Strait of Hormuz, a critical global oil transit route, could further ease supply concerns if sustained. Increased tanker movement through the passage is expected to reinforce downward pressure on prices.
This latest adjustment follows earlier reductions, where the government cut petrol prices by Rs12 and diesel by Rs13.5 in the previous review, reflecting a continuing trend of aligning domestic fuel costs with global price movements.
Officials say further revisions will depend on international market trends, with the government maintaining its stance of transferring relief to consumers as conditions allow.
