Pakistanis across the country are eagerly waiting for Friday as the government is expected to announce revised petroleum prices amid a recent decline in global crude oil rates.
According to reports, the Oil and Gas Regulatory Authority (OGRA) will submit its recommendations to the government after reviewing international oil prices, import costs, exchange rate trends, and applicable taxes. The Ministry of Finance will then finalize the new prices following approval from the Prime Minister.
Energy experts suggest that if international crude oil prices remain around $79–80 per barrel and the Pakistani rupee stays relatively stable, there could be room for a significant reduction in fuel prices. Estimates indicate that petrol prices may decrease by Rs30 to Rs40 per litre, while high-speed diesel could see a cut of Rs35 to Rs50 per litre. Some analysts believe that adjustments in taxes and petroleum levy could increase public relief to as much as Rs50 per litre.
Global oil markets recorded a noticeable decline on Thursday, reportedly influenced by progress toward a temporary agreement between the United States and Iran. Brent crude futures fell by $2.14 (2.69%) to $77.41 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by $2.36 (3.07%) to $74.43 per barrel. UAE Murban crude was trading near $74 per barrel.
Federal Petroleum Minister Ali Pervaiz Malik stated on social media platform X that the Prime Minister has directed authorities to pass on the benefits of lower international oil prices directly to consumers. He added that diplomatic efforts by Pakistan’s leadership are contributing to positive regional developments, with a possible Iran–US ceasefire agreement nearing completion.
The minister also announced the formation of a high-level committee tasked with developing a transparent weekly petroleum pricing formula, aimed at helping the public better understand future price adjustments and the factors behind them.
