New petrol prices in Pakistan: What’s expected from Saturday
Why this matters: local context for readers following news across Pakistan and the region.
ISLAMABAD – The federal government is scheduled to issue the revised petrol prices in Pakistan tonight with new rates coming into effect from Saturday (June 20) with people hoping for a big cut due to falling global oil prices following the US-Iran peace deal. Oil prices moved lower in international market on Friday as expectations of increased crude supply strengthened following the resumption of tanker traffic through the Strait of Hormuz. In early trading, Brent crude futures declined by 43 cents, or 0.54%, to $79.42 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude slipped 17 cents, or 0.22%, to $76.43 per barrel. The July WTI contract, which is due to expire on Monday, remained the front-month benchmark during the session. Amid easing situation in global markets, Pakistan could witness a substantial reduction in fuel prices after a sharp decline in international petroleum rates. Current Petrol Prices in Pakistan Currently, the petrol price stands at Rs373.78 per litre, while high-speed diesel is available at Rs378.78 per litre. The diesel rate remains slightly higher than petrol, with a difference of Rs5 per litre between the two products. What’s Expected in Upcoming Review According to market projections reported by local media, petrol prices are expected to decline by Rs22 per litre, reducing the retail price from Rs373.78 to Rs351.78 per litre. Meanwhile, high-speed diesel may witness an even steeper cut of Rs42 per litre, bringing its expected price down from Rs378.78 to Rs336.78 per litre if the proposed reduction is approved. The anticipated decrease follows a drop in international petroleum prices and could provide significant relief to consumers. Reports said the ex-refinery price of petrol has fallen by Rs18.18 per litre, bringing it down from Rs245.16 to Rs226.98. Similarly, the ex-refinery price of diesel has reportedly decreased by Rs36.16 per litre to Rs268. The federal government will make the final decision on fuel prices. Reports s