Islamabad, Pakistan – Web Desk: Federal Minister for Petroleum Ali Pervaiz Malik announced on Saturday that the government will review international price indices for petrol and diesel this week to assess further reductions in fuel prices for consumers .
Significant Relief Already Provided
The minister highlighted that the Prime Minister has already reduced diesel prices by Rs200 per litre and petrol by Rs155 per litre since the start of the crisis . Last week, the government announced a massive cut of Rs74 per litre in petrol and Rs67 per litre in diesel, bringing the price of petrol down to Rs299 per litre and diesel to Rs311 per litre .
International Context
Global oil prices have fallen significantly following the US-Iran peace agreement mediated by Pakistan, which led to the reopening of the Strait of Hormuz, a critical shipping route for 20% of global oil supplies . Brent crude has dropped below $75 per barrel for the first time since the conflict began .
Government’s Commitment
Malik said the government was operating within its international obligations while ensuring that maximum possible benefits are passed on to consumers. Global oil prices are expected to remain favorable for consumers due to increased supply from the Middle East . With the international market showing a downward trend, there is an expectation of further reductions in petroleum product prices in Pakistan .
