ISLAMABAD: The federal government has announced a significant reduction in petrol and diesel prices for the next fortnight, news reported.
According to the official notification, authorities have lowered the price of petrol by Rs0.50 per litre, setting the new rate at Rs255.63 per litre.
Similarly, authorities have reduced the price of high-speed diesel by Rs5.31 per litre, setting the new rate at Rs258.64 per litre. Additionally, the price of kerosene oil has been lowered by Rs3.53, bringing it down to Rs168.12 per litre.
Regular adjustments in fuel prices occur due to international market trends and local economic conditions.
Meanwhile, in the international market, oil prices dropped by more than 1% on Friday, marking their first monthly decline since November, as markets reacted to Washington’s new tariffs and Iraq’s decision to resume oil exports from the Kurdistan region.
Ongoing talks to end the war in Ukraine and uncertainty over OPEC’s plans to resume production in April also impacted investor sentiment.
By 11:57 EST (16:57 GMT), Brent crude futures for May dropped 82 cents (1.11%) to $72.75 per barrel, while U.S. West Texas Intermediate crude futures fell 62 cents (0.88%) to $69.73 per barrel.
Earlier, the federal government planned to deregulate petroleum product prices, but the Pakistan Petroleum Dealers Association resisted the move.
The association raised concerns in a letter to Minister for Petroleum Musadik Malik, warning that deregulation could increase the sale of smuggled Iranian oil and non-standard fuel in the country.
The association warned that deregulation could jeopardize the billions invested by petroleum dealers in the sector. They stressed that any decision should involve consultation with stakeholders, as previously agreed.
The proposed plan would allow oil marketing companies (OMCs) to sell fuel at competitive prices, helping them expand their market share. Authorities would set a price ceiling to maintain price stability.
Additionally, the government aims to allow oil refineries to blend up to 5% ethanol in petroleum products to lower fuel costs. The Pakistan Petroleum Dealers Association has called on the minister to discuss their concerns directly with them.
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