Prime Minister’s Adviser on Political Affairs Rana Sanaullah has stated that petrol prices in Pakistan are likely to reduce further after the recent agreement between the United States and Iran and the reopening of the Strait of Hormuz.
Speaking to the private media channel, Rana Sanaullah said global crude oil prices are gradually returning to pre-conflict levels, adding that the government is committed to passing the full benefit on to consumers. He said Prime Minister Shehbaz Sharif has constituted a special team to form a mechanism for providing maximum relief to the public.
He said that the positive impact of the US-Iran agreement is already being reflected in global markets, while the resumption of shipping activity through the Strait of Hormuz has contributed to a continued decline in international oil prices.
Meanwhile, oil prices extended their losses on Thursday, moving closer to levels seen before the recent Middle East conflict. Brent crude for August delivery fell 40 cents, or 0.54 per cent, to $73.34 per barrel, while US West Texas Intermediate (WTI) crude dropped 27 cents, or 0.38 per cent, to $70.07 per barrel.
The latest decline follows a sharp sell-off earlier this week, driven by easing concerns over supply disruptions as tanker traffic through the Strait of Hormuz, a key global energy route, continues to normalise.
Earlier, Prime Minister (PM) Shehbaz Sharif said the government is passing on the benefit of an improved regional economic situation and declining oil prices.
“We are now fulfilling the promise we made to the nation,” the premier said in the statement.
“The price of petrol is being reduced by Rs74 per litre, while diesel is being reduced by Rs67 per litre,” the premier’s statement said.
“We fully understand the hardships faced by the people. You demonstrated extraordinary patience and resilience during these difficult circumstances,” PM Shehbaz noted.
He extended his sincere appreciation to the public for “standing by the government during these challenging times”.
Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes.
Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators.
Also read: Petrol in Pakistan is now cheaper than India, Bangladesh, China
