ISLAMABAD: Following a sharp decline in global crude oil prices, petroleum product rates in Pakistan are expected to ease in the coming weeks.
International crude oil prices have fallen by more than 7%, with US crude trading at around $80 per barrel and Brent crude hovering near $82 per barrel.
As global oil benchmarks directly impact domestic fuel pricing, this decline has raised expectations of relief for consumers already burdened by high inflation and fuel costs.
Prime Minister Shehbaz Sharif had earlier assured the public that any positive movement in international markets would be passed on to consumers. Addressing the National Assembly, he noted that recent geopolitical tensions had put pressure on Pakistan’s economy, but the government had worked to cushion the impact on the public.
He further emphasized that the government remained committed to transferring the benefits of improving global economic conditions to the people.
While crude oil prices are still higher than pre-conflict levels and production in parts of the Middle East may take time to fully stabilize, the recent 7% decline—driven by reports of progress toward a US-Iran agreement—has strengthened expectations of a possible reduction in petroleum prices in Pakistan.
