ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a sharp reduction in diesel prices, offering significant relief to consumers while keeping petrol rates unchanged for the current week ending April 24. The move comes amid easing global oil prices following a ceasefire between the United States and Iran.
The government slashed the price of high speed diesel by Rs32.12 per litre, bringing it down to Rs353.42 from the previous Rs385.54. This marks an 8.3 percent decrease and a major drop from the recent peak of Rs520.35 recorded earlier this month, signaling a shift in fuel price trends.
Despite the relief on diesel, petrol prices were maintained at Rs366.58 per litre. Officials indicated that the decision was based on current pricing calculations, while further reductions are expected in the coming weeks as global markets continue to stabilize.
The decline in international oil prices followed the reopening of the Strait of Hormuz and a rapid 12 to 13 percent drop in global fuel rates. However, this latest decline was not fully incorporated into the current pricing cycle and is likely to reflect in the next review.
Diesel remains the most critical fuel for the economy due to its extensive use in transportation and agriculture, making its price reduction a key factor in controlling inflation. The government stated that the decision aims to ease pressure on the public and support economic stability.
Meanwhile, the Oil and Gas Regulatory Authority processed Rs38 billion in payments to oil marketing companies under price differential claims, ensuring continued supply stability. Officials reaffirmed the government’s commitment to passing on global price benefits to consumers while maintaining fiscal balance.
