Brent crude oil prices have seen a major drop in the international market, opening the door for possible relief in fuel prices across Pakistan, according to Express News.
As per the latest data, Brent crude is now trading at $60.12 per barrel, down from $74.74 per barrel on March 31. While there was a short-lived spike to $74.95 per barrel on April 1 and 2, prices have since fallen by more than $14 per barrel.
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Despite the global decline, the maximum petroleum levy of Rs. 70 per litre on petrol and diesel remains unchanged in Pakistan. Sources within the Petroleum Division estimate that the sharp fall in crude prices could lead to a reduction of up to Rs. 12 per litre in fuel prices, depending on government policy.
Officials noted that the government also retains the option to impose General Sales Tax (GST) on petroleum products — a move it had previously avoided due to already high prices. However, with current international rates falling, there is now fiscal space for the government to revisit that decision.
As inflation continues to squeeze households and businesses, pressure is building on the government to pass on the benefits of lower oil prices to the public. Any changes in petrol and diesel rates will depend on how authorities decide to balance consumer relief with revenue needs, especially as GST remains off for now.
The final pricing adjustments are expected to be announced in the upcoming fortnightly review.
