Petrol prices in Pakistan may drop by over Rs100 as global oil prices tumble
Petrol prices in Pakistan may see a significant decline in the coming weeks as international oil markets continue to soften amid expectations of a potential agreement between the United States and Iran.
Global crude prices have fallen sharply on reports that the Strait of Hormuz — one of the world’s most important oil transit routes — could reopen under a proposed US-Iran deal, easing concerns over supply disruptions and improving market sentiment.
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The anticipated increase in global oil supply is expected to benefit oil-importing countries, including Pakistan, by creating room for lower domestic fuel prices.
International benchmark prices declined by another 5%, with US crude trading at around $76 per barrel and Brent crude hovering near $79 per barrel.
According to a report by The Wall Street Journal, the proposed agreement could allow Iran to immediately resume oil exports, further increasing global supply and putting downward pressure on crude prices.
Before the Iran-Israel conflict, crude oil prices were trading at approximately $73 per barrel. However, escalating tensions in the region pushed prices to as high as $126 per barrel, triggering a surge in fuel costs worldwide.
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Prime Minister Shehbaz Sharif recently told the National Assembly that the conflict had placed considerable strain on Pakistan’s economy. He said the government had made every effort to protect the public from the impact of rising inflation and assured citizens that any benefits from improving global economic conditions would be passed on to consumers.
Meanwhile, Minister of State for Law and Justice Barrister Aqeel Malik expressed optimism during an appearance on GNN’s programme “G for Gharidah”, saying a US-Iran agreement is expected to be signed on Friday.
He said that if the current trend in global oil prices continues, petrol prices in Pakistan could decrease by more than Rs100 per litre, with the possibility of a reduction exceeding Rs150 per litre.
Fuel prices in Pakistan have experienced sharp fluctuations since the Middle East conflict intensified. On March 6, the government increased petrol and diesel prices by nearly Rs55 per litre in response to soaring international oil prices.
Following the hike, petrol prices climbed to around Rs321 per litre, while diesel reached Rs335 per litre — among the highest levels seen in recent years.
Prior to the escalation of regional tensions, petrol was priced at Rs266 per litre and diesel at Rs280 per litre. Currently, petrol is selling at Rs373.78 per litre, while high-speed diesel is priced at Rs378.78 per litre.
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