KARACHI: The Minister of State for Finance, Bilal Azhar Kayani, has indicated that the government is likely to reduce petrol prices following a recent cut in diesel rates, offering potential relief to consumers amid evolving global market conditions.
The minister stated that a decision regarding a reduction in petrol prices is expected to be made by the coming Friday. He focused on that the anticipated adjustment would be based on fluctuations in international oil prices, reflecting the government’s commitment to aligning domestic fuel costs with global trends.
“The government is closely monitoring international markets, and we are hopeful that petrol prices will also be reduced in the upcoming review,” Kayani said. He noted that recent decreases in global oil prices have created room for adjustments that could benefit both consumers and businesses.
The minister further mentioned that a broader improvement in global economic conditions, particularly following a ceasefire in a major conflict, has contributed positively to economic stability worldwide. He added that Pakistan aims to leverage this improved environment to strengthen its own economy and enhance financial resilience.
In this regard, Kayani also confirmed that prices of light diesel and jet fuel have already witnessed reductions, signaling a broader trend of easing fuel costs. He suggested that these developments could help lower transportation and production expenses, ultimately supporting economic activity.
The minister underscored the importance of Karachi as the country’s economic hub. “Karachi is the backbone of Pakistan’s economy. My visit is aimed at identifying and resolving key challenges faced by businesses to promote sustainable growth,” he stated.
Kayani revealed that Pakistan has regained eligibility to re-enter the international Eurobond market after a gap of four years. He described this as a positive signal for investors and a reflection of improving economic indicators.
Business leaders present at the meeting welcomed the government’s proactive approach and expressed hope that continued policy measures would foster a stable and business-friendly environment.
