KARACHI: With Prime Minister Shehbaz Sharif scheduled to address the nation later today, speculation is mounting — particularly among government-aligned analysts and media voices — that a further reduction in fuel prices may be announced during the next fortnightly review, possibly by mid-April. This follows Pakistan’s diplomatic breakthrough in brokering a 14-day ceasefire between the United States and Iran, effective Wednesday.
The truce, announced by President Trump, includes Iran’s temporary reopening of the Strait of Hormuz to oil tankers — a move that immediately eased global supply fears. Markets reacted with sharp declines: WTI crude fell 14–16% to $96–$97, while Brent dropped 13–14% to $93–$95 — among the largest single-day drops in recent memory. Stock futures also rose on reduced geopolitical risk.
It may be recalled that in a televised address, Prime Minister Shehbaz Sharif had already announced an Rs 80 per litre cut in petrol prices — bringing it down from Rs 458 to Rs 378 — effective April 4, and set to last at least a month. The government said it would absorb the cost through levy adjustments and austerity measures, including reported salary cuts for ministers.
While industry groups like PIAF have called for full levy removal — which could theoretically bring petrol to Rs 215/litre — the government has not signaled any immediate plans for further cuts. For now, the speculation remains just that — speculation — though market sentiment and diplomatic momentum may yet pressure officials to act again.
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