Pakistan is likely to see a significant reduction in petrol and diesel prices in the upcoming fortnight due to a drop in global oil prices and a decrease in the import premium on petrol. According to sources, petrol prices may decrease by Rs3.5 per litre, while high-speed diesel (HSD) could see a sharper cut of Rs7 per litre. The ex-depot price of petrol currently stands at Rs252.63 per litre, and HSD at Rs256.64 per litre.
The price adjustments, based on international oil market trends, follow a $1.5 per barrel decline in petrol and a $3 per barrel drop in diesel over the past two weeks. The Oil and Gas Regulatory Authority (OGRA) will submit a formal summary to the Ministry of Finance on May 15, with the final decision to be approved by Prime Minister Shehbaz Sharif. The new prices will take effect from May 16 until May 31, 2025.
This reduction is expected to provide relief to middle and lower-income households, as petrol is widely used in private vehicles, motorcycles, and rickshaws, while diesel impacts transportation and agricultural costs. The government had previously kept petrol and HSD prices unchanged in the last fortnight at Rs254.63 and Rs258.64 per litre, respectively.
In related developments, the Oil and Gas Regulatory Authority (OGRA) also notified a 14% reduction in regasified liquefied natural gas (RLNG) prices for May, which may lead to lower electricity costs. Meanwhile, K-Electric has requested the National Electric Power Regulatory Authority (Nepra) to withhold part of the fuel cost adjustment benefit to settle past dues, with a public hearing scheduled for May 22.
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