ISLAMABAD (Kashmir English): All eyes are now on Pakistan’s upcoming petroleum price review as global crude oil markets witness a significant downturn, with prices slipping by nearly 10% to around $84–$85 per barrel.
This dramatic dip is causing a great deal of expectation of additional relief from the impact of inflation for the consumer community in Pakistan, which continues to be under the influence of petroleum product prices.
The federal government under the leadership of Prime Minister Shehbaz Sharif will conduct its weekly price revision of petroleum products tomorrow. Sources suggest that petrol prices are likely to be lowered further, with predictions that the revised price might hover around Rs350 per liter.
In the last price revision conducted on April 11, 2023, the Prime Minister announced a considerable decrease in the prices of petroleum products, stating that the revision was reflective of the ease in global oil markets. Petrol prices were lowered by about Rs12 per liter, while high-speed diesel was decreased by almost Rs135 per liter.
Market analysts indicate that the current fall in the prices of crude oil can be attributed to favorable expectations regarding oil supply in the international markets coupled with speculation regarding the possibility of a breakthrough in US-Iran relations, leading to a reduction in tension in the Middle East region, which has been a major determinant of oil price volatility in the past.
PM Shehbaz approves reduction in diesel price
Prime Minister Shehbaz Sharif has approved the reduction in diesel price by Rs. 32.12 per liter, aimed at providing relief to the citizens.
After the approval, the price of diesel has decreased from Rs. 385.54 to Rs. 353.43 per liter, according to the statement from the Prime Minister’s Office.
“The effects of the reduction in oil prices will be conveyed to the public as soon as possible,” Prime Minister Sharif said.
The statement did not make any mention of the price of petrol, which was set at Rs 366.58 per litre last week.
However, the Petroleum Division sources said that the government has decided to keep the price of petrol unchanged for the next seven days, starting from April 18.
