ISLAMABAD: Pakistan can see the reduction in petrol prices for the upcoming fortnight starting April 16 due to the reduction in Brent crude prices on the international markets.
The downward trend in global oil prices comes after substantial trade tariffs by US President Donald Trump last week.
The Brent crude plunged to $60.12 per barrel from $74.95 per barrel.
The decline of over $14 per barrel in just a few weeks is attributed to a series of factors, including decreased demand and an ongoing negative market sentiment.
The sharp decline in global crude oil prices can lower the petrol and diesel prices by as much as Rs12 per litre in the country, providing relief to consumers.
In Pakistan, the maximum petroleum levy of Rs 70 per litre remains in effect for both petrol and diesel, according to sources in the Petroleum Division.
Despite this, officials have pointed out that the government holds the authority to impose a General Sales Tax (GST) on petroleum products. With the recent drop in global oil prices, the government now faces a decision on whether to implement GST, which had been resisted when fuel prices were high.
The final decision on adjusting fuel prices will be announced on April 15, 2025, following the approval of the Finance Division’s summary form Prime Minister Shehabz.
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