The Government of Pakistan is expected to provide relief to the public by reducing petroleum prices on Eid-ul-Fitr, as fuel prices in the international market have witnessed a further decline.
According to reports, the price of petrol in the global market has dropped by $1.40 per barrel, bringing it down from $7.24 to $5.84 per barrel. Similarly, diesel prices have also decreased by 60 cents per barrel.
Market sources in Pakistan suggest that if global trends are considered, petrol prices in the country could decrease by Rs. 3.18 per liter, while diesel prices may see a reduction of up to Rs. 3 per liter. However, the final decision on the price revision will be announced by the government on March 31 for the next fortnight.
It is worth noting that on March 15, despite a significant drop in international fuel prices, the government opted to keep petroleum prices unchanged. The public had anticipated a reduction of over Rs. 10 per liter, but instead, the government maintained the rates by increasing the petroleum levy by Rs. 10 per liter.
If approved, this anticipated reduction in fuel prices will provide much-needed relief to the public ahead of Eid, easing financial burdens amid ongoing economic challenges.
