Fuel Prices Frozen Despite Global Oil Drop Why Didn’t Consumers Get Relief?

The Pakistani government has decided to keep petroleum prices unchanged despite a decline in global crude oil prices, leaving consumers without the expected relief.

According to an official notification, the price of petrol will remain at Rs. 299.50 per litre, while high-speed diesel will continue to cost Rs. 311.47 per litre.

Sources said the anticipated reduction in fuel prices was halted after oil marketing companies raised concerns about potential financial losses. As a result, the benefit of lower international oil prices has not been passed on to the public.

Meanwhile, global crude oil prices continue to decline. U.S. West Texas Intermediate (WTI) crude fell to $68.65 per barrel, Brent crude dropped to $71.52 per barrel, and Abu Dhabi Murban crude was recorded at $65.98 per barrel.

Experts say fluctuations in global supply and demand continue to influence international oil prices.

Earlier, Federal Minister Tariq Fazal Chaudhry had said petrol prices were expected to decrease in line with Prime Minister Shehbaz Sharif’s directive to pass the benefit of lower global oil prices on to the public. The Prime Minister’s Adviser Rana Sanaullah had also indicated that further reductions in fuel prices were likely.

Reports suggest that OGRA has prepared a summary proposing a possible reduction of Rs. 20 to Rs. 50 per litre in petroleum prices. However, the final decision will be made by the Prime Minister.