Pakistan’s Energy Ministry Freezes Petrol and Diesel Prices After US-Iran Ceasefire Eases Global Oil Markets, Following Rs155 and Rs200 Per Litre Cuts
Pakistan Holds Petrol at Rs299.50 and Diesel at Rs311.47 as US-Iran Ceasefire Steadies Oil. Pakistan’s Energy Ministry Freezes Petrol and Diesel Prices After US-Iran Ceasefire Eases Global Oil Markets, Following Rs155 and Rs200 Per Litre Cuts.
Arab News Pakistan reports that Pakistan’s Ministry of Energy has kept petrol prices unchanged at Rs299.50 per litre and diesel at Rs311.47 per litre for the coming week, after the US-Iran ceasefire eased global crude prices and removed the pressure driving Pakistan’s fuel cost surge since late February.
The Strait of Hormuz Conflict Drove Fuel Costs Up Across Pakistan Before PM Shehbaz Sharif Slashed Prices by Rs74 on Petrol and Rs67 on Diesel Last Week
The Middle East conflict that began in late February disrupted shipping through the Strait of Hormuz, driving up international crude prices and raising fuel costs for import-dependent Pakistan. Last week, PM Shehbaz Sharif cut petrol by Rs74 per litre and diesel by Rs67 per litre as global oil prices fell following the Islamabad Memorandum of Understanding between the US and Iran.
PM Shehbaz Has Cut Petrol by a Total of Rs155 Per Litre and Diesel by Rs200 Per Litre Since the Ceasefire Relief Began Flowing to Consumers
Energy Minister Ali Pervaiz Malik confirmed the government is passing all international price relief directly to consumers. Pakistan avoided the fuel shortages and rationing experienced by some countries during the crisis, absorbing part of the price shock through budgetary savings and spending cuts throughout the conflict.
Pakistan’s fuel story is ultimately a geopolitical story. When the Strait of Hormuz closes, Pakistanis pay more at the pump. When it reopens, they pay less. That link is now undeniable. Check out our previous coverage of Pakistan economy and energy news here.
