The government of Pakistan has announced a reduction in the prices of petrol and diesel, effective from today, February 16, 2025, in a move aimed at easing the financial burden on consumers.
According to a notification issued by the Finance Division, petrol prices have been slashed by Re1 per litre, bringing the new price to Rs256.13. In addition, the price of high-speed diesel (HSD) has been reduced by Rs4 per litre, now priced at Rs263.95.
The price adjustments were made in line with changes in the international oil market. The government also cut the prices of kerosene oil and light diesel oil (LDO). Kerosene oil saw a decrease of Rs3.20 per litre, bringing its price down to Rs171.65, while LDO prices were reduced by Rs5.25 per litre to Rs155.81.
The adjustments come as a response to the fluctuations in global oil prices, largely influenced by ongoing geopolitical developments. The Oil & Gas Regulatory Authority (OGRA) explained that the price cuts reflect global trends, including the easing of supply disruptions, particularly due to peace talks between Russia and Ukraine.
Recent market data shows that the price of Brent crude oil has dropped by 1.4% over the last two weeks, falling to $74.14 per barrel, while the price of WTI crude also tumbled by 1.5%, settling at $70.33 per barrel. Experts attribute this shift in market sentiment to concerns over supply easing, which has been partly driven by a slight increase in Russian crude production.
The reduction in fuel prices is expected to have a positive impact on consumers, particularly those reliant on diesel and petrol for transportation. It also offers some relief to businesses and industries affected by rising fuel costs. As the global oil market continues to stabilize, Pakistan’s government will continue to monitor price trends to adjust domestic rates accordingly.
