A significant reduction in petroleum prices appears likely, as a proposed cut of Rs8.27 per liter in petrol and Rs6.96 per liter in high-speed diesel (HSD) has been recommended.
Prime Minister Shehbaz Sharif will make a decision regarding a reduction in petroleum product prices.
If approved, this would mark one of the most notable declines in fuel prices in Pakistan, driven by the ongoing decrease in global oil rates.
Last month, the federal government implemented a modest reduction of Rs1 per liter in petrol prices for a two-week period, bringing the rate down to Rs254.63 from Rs255.63 per liter. The price of HSD, however, remained unchanged at Rs258.64 per liter. Prior to this, petroleum prices had been held steady since March 15.
Petrol is primarily used by private vehicle owners, including users of motorcycles, rickshaws, and small cars. Any change in its price has a direct effect on the daily expenses of middle- and lower-middle-income households, who rely on it for commuting.
A substantial decrease in fuel costs would offer much-needed financial relief to these segments of the population, easing the burden of inflation and transportation expenses.
The proposed adjustments are now under review, and final prices will be announced by the government following its evaluation.
