Fuel prices in Pakistan have been reduced by Rs22 per litre, with petrol and high-speed diesel now costing Rs381.78 and Rs380.78 respectively, as a relief measure for consumers during Eidul Azha.
The federal government has announced a significant reduction in petroleum prices, slashing both petrol and high-speed diesel by Rs22 per litre. This move is expected to provide relief to consumers during the Eidul Azha festival. According to a notification issued by the Ministry of Energy's Petroleum Division, the revised ex-depot price of high-speed diesel has been fixed at Rs380.78, down from Rs402.78, while motor spirit (petrol) now stands at Rs381.78, reduced from Rs403.78.
The reduction in fuel prices is being presented as a gift to the public on the third day of the Eidul Azha festival. Prime Minister Shehbaz Sharif had earlier promised that relief would be passed on to the public as soon as fiscal space became available. Officials this commitment has now been fulfilled, and the government is committed to easing the burden on consumers. The prime minister has also similar relief was provided in the previous week when fuel prices were reduced, reiterating that this remains a top government priority.
The government has maintained that continued efforts are being made to balance fiscal constraints with public relief while ensuring a steady fuel supply across the country. During the recent global oil price surge, the government avoided passing the full impact on domestic consumers by providing subsidies exceeding Rs130 per litre over time, thereby maintaining price stability. At a time when several countries in the region faced fuel shortages and long queues at petrol stations, Pakistan managed to ensure uninterrupted availability of petroleum products through timely policy interventions.
The reduction in fuel prices comes as oil prices fell again on Friday on investor optimism that the United States and Iran would reach a deal to extend their ceasefire. Oil markets have been up and down this week as investors assess the chances of a breakthrough between Washington and Tehran that could potentially resume shipping through the crucial Strait of Hormuz. While details of the possible agreement are scarce, oil traders are taking an optimistic view that the end could be in sight for disruption in the region. However, the market's patience may be tested if a deal is not agreed by early June, and this could have big ramifications for the oil price and the global stock market rally.
