PM’s Adviser Hints at Further Reduction in Petrol Prices in Pakistan

Petrol prices in Pakistan may decline further if international crude oil rates continue to fall, Prime Minister’s Adviser Rana Sanaullah has indicated.

Sanaullah said the government had formed a dedicated team to monitor developments in global petroleum markets. The team will also assess how changes in international oil prices affect domestic fuel rates.

His comments came as crude oil prices eased following a reduction in tensions between the United States and Iran.

Sanaullah said global oil prices had increased sharply during the conflict involving the United States, Israel and Iran. Markets feared that regional instability could disrupt global energy supplies.

As a result, the government introduced a weekly mechanism to review petroleum product prices during the period of uncertainty.

Government Promises to Pass Relief to Consumers

Sanaullah said the government remained committed to passing the benefit of lower international oil prices to consumers.

Therefore, domestic petrol and diesel prices could decline further if the downward trend in the global market continues.

However, he warned oil companies and other market participants against creating artificial shortages or disrupting fuel supplies.

The government will take strict action against any attempt to manipulate the market, he added.

Government Previously Cut Petrol by Rs. 74 Per Litre

The federal government announced another major reduction in petroleum product prices on June 19.

The government reduced the price of petrol by Rs. 74 per litre. Following the reduction, petrol now costs Rs. 299.78 per litre.

Meanwhile, the government reduced the price of high-speed diesel by Rs. 67 per litre. The new high-speed diesel price stands at Rs. 311.56 per litre.