Summary Relief follows Pakistan-mediated US-Iran ceasefire and easing supply risks
ISLAMABAD (Dunya News) – Petrol prices in Pakistan have been reduced to Rs299 per litre following a Rs74 decrease, while diesel has been slashed by Rs67 to a new rate of Rs311 per litre.
The revised rates were announced by Prime Minister Shehbaz Sharif under the latest weekly fuel adjustment, reflecting a significant downward shift in international oil markets. The change brings immediate relief to consumers across the country as the new pricing takes effect.
The reduction comes in the wake of a sustained decline in global crude oil prices, triggered after a Pakistan-mediated memorandum of understanding between the United States and Iran to end hostilities and stabilise regional tensions. The agreement, which also paved the way for the reopening of key maritime routes including the Strait of Hormuz, has eased supply concerns that previously pushed oil prices upward. As a result, global benchmarks have fallen to their lowest levels since the escalation of the conflict earlier this year.
Prime Minister Shehbaz Sharif, while addressing the National Assembly earlier in the day, confirmed that the government would fully pass on the benefit of falling global oil prices to consumers. He reiterated that the commitment to provide relief was aligned with the weekly pricing mechanism, noting that a “significant decrease” would be reflected in the latest revision as international markets cooled.
The recent downturn marks a sharp reversal from the earlier phase of the crisis. The conflict between the United States and Iran, which began in late February, had disrupted global supply chains and led to a surge in fuel costs worldwide. In Pakistan, petrol and diesel prices had previously been increased by Rs55 per litre on March 6, as authorities struggled to absorb the external shock. The federal government also introduced austerity measures shortly afterwards, while allocating Rs128 billion in an effort to contain inflationary pressures.
During the same period, Pakistan played an active diplomatic role in facilitating dialogue between Washington and Tehran. The breakthrough agreement signed on Thursday established a framework for ending hostilities and reopening strategic shipping routes, contributing to the stabilisation of global energy markets. The development was followed by a rapid decline in crude prices, which has now translated into domestic relief at the pump.
