ISLAMABAD – The federal government is all set to conduct weekly review of petrol prices in Pakistan tomorrow (Friday) with people expecting a cut in rates.
Expectations of falling petroleum prices are rising as global oil rates decline, fueled by the likelihood of a US-Iran peace deal that could end the Middle East conflict responsible for record-high prices.
Today, oil prices held steady after earlier drops as hopes for the peace deal continued to grow.
As of 0611 GMT, Brent crude futures fell slightly by 26 cents to $94.67 per barrel, while U.S. West Texas Intermediate (WTI) crude edged up 14 cents to $91.43 per barrel.
Both benchmarks saw little net change on Wednesday, though trading remained volatile throughout the session.
Current Petrol Prices in Pakistan
In previous review, Prime Minister Shehbaz Sharif announced a big cut in petrol and diesel prices, effective from April 11.
In a televised address, he announced reducing the petrol rate by around Rs12 per litre and that of diesel by Rs135 per litre, citing changes in the global oil prices.
The Petroleum Division issued a notification reducing petrol prices by Rs11.83 and diesel by Rs134.81 per litre, setting new rates at Rs366.58 and Rs385.54, respectively.
The price of kerosene had been reduced by Rs17.33 per litre to Rs450.15, while light diesel oil had been cut by Rs25.31 to Rs369.72.
What’s Expected
Downward trend in oil prices coupled with sufficient reserves in the country indicate that the government would reduce the petrol prices in Pakistan from 18 April 2026.
