LAHORE – Petrol prices in Pakistan are expected to see another reduction in the upcoming review on June 26, as a sharp decline in global oil prices has raised hopes of further relief for consumers.
The federal government reviews petroleum prices on a weekly basis, a mechanism introduced during the US-Iran conflict. The revised fuel rates are scheduled to take effect from Saturday each week.
Global Oil Prices
Global oil prices moved lower on Thursday as expectations of increased supply from the Middle East put pressure on the market, outweighing concerns over demand.
West Texas Intermediate (WTI) crude dropped 0.85 points, or 1.21 percent, to trade at $69.49 per barrel. Brent crude also declined by $1.10, with prices standing at $72.64 per barrel.
The decline came as market participants weighed the possibility of stronger supply against ongoing worries about demand growth. Investors continued to monitor developments affecting the global oil market as prices remained under pressure.
Demand for Rs225 per litre Petrol
Jamaat-e-Islami chief Hafiz Naeem-ur-Rehman has called on the government to make a substantial cut in petrol and diesel prices, suggesting that fuel rates should be reduced to Rs225 per litre.
While speaking at a press conference last week, he said a meaningful reduction in petroleum prices could help ease financial pressure on citizens facing rising living costs.
He argued that falling global oil prices and improved regional conditions had provided the government with an opportunity to pass on greater relief to consumers.
Hafiz Naeem said a small decrease of Rs10 or Rs20 per litre would not be enough, stressing that fuel prices should be brought down significantly to support the public amid inflationary challenges.
Current Petrol Prices in Pakistan
In previous review, the Pakistan government announced a major reduction in petroleum prices, citing improved regional economic conditions and lower international oil prices.
Under the announced relief package on June 19, petrol prices had been reduced by Rs74 per litre to Rs299.78, while diesel prices had been cut by Rs. 67 per litre to Rs311.78 per litre.
Expected New Petrol Prices
Amid declining global oil prices, there are strong hopes that the government would cut the petrol prices significantly to provide relief to masses.
Muhammad Shahid, a Lahore-based citizen, told new petrol price in Pakistan is expected to drop belwot Rs290 per litre.
