ISLAMABAD – Pakistan is set to announce a reduction in the petrol price after a sharp drop in global oil rates, officials confirmed on Wednesday. Federal Minister for Culture and National Heritage Huzaifa Rehman said the government is working to ensure citizens benefit from the decline.
The minister added that Prime Minister Shehbaz Sharif directed relevant authorities to immediately review petrol price cuts. “The earlier rise in fuel rates was made with a heavy heart,” he said, noting the government’s awareness of citizens’ financial struggles.
Sources indicate that petrol price reductions could range from Rs30 to Rs60 per litre, depending on the latest global crude figures. Authorities are monitoring international oil markets before finalizing the new rates.
Global crude oil prices have fallen significantly after a ceasefire between the United States and Iran. Brent crude dropped to $94.43 per barrel, while West Texas Intermediate (WTI) reached $96.82 per barrel. The ceasefire includes the temporary reopening of the Strait of Hormuz, easing concerns about oil supply disruptions.
Minister Rehman emphasized that measures will be introduced to prevent profiteering after petrol price cuts. He added that inflation control plans are being developed alongside the relief, ensuring that the benefits reach ordinary consumers.
Officials from the finance and petroleum ministries are reviewing proposals for the reduction. The government aims to make the new petrol price effective immediately after final approval.
The potential petrol price relief comes at a crucial time, as the drop in global oil rates directly impacts household expenses and transport costs. Citizens are hopeful that the decrease will help ease financial pressures and improve affordability for daily commuters.
Analysts say that monitoring international crude trends is essential, as global oil prices fluctuate rapidly. Pakistan’s timely response to the change will determine how quickly the new petrol price is implemented.
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With global conditions now favorable, the government is expected to announce the revised petrol price within days, providing relief to millions of Pakistanis affected by rising fuel costs.
