ISLAMABAD – Crude oil prices witnessed major changes, reviving hopes that petrol and diesel rates in Pakistan could move below Rs400 per litre in the upcoming weekly price review.
The government officials are yet to issue an update to the latest developments, as uncertainty continues in global energy markets.
International oil prices fell sharply midweek as investor sentiment improved on reports of a possible temporary understanding between the US and Iran, reportedly with Pakistan playing a behind-the-scenes mediating role despite ongoing regional tensions.
US benchmark West Texas Intermediate (WTI) crude dropped more than 4 percent to $90 per barrel, while Brent crude fell 3.66 percent to $95.94 per barrel. Brent remained below the $100 mark for three consecutive sessions, easing pressure on oil-importing economies.
Market sentiment has been influenced by speculation that US and Iran may be moving toward a 60-day framework agreement aimed at de-escalation. Traders are increasingly pricing in reduced risk of major supply disruptions, although tensions around the Strait of Hormuz remain unresolved.
For Pakistan, the global decline in crude prices could open space for a reduction in domestic fuel prices in Friday’s review cycle. However, officials are reportedly proceeding with caution, given volatility in international markets, currency fluctuations, and uncertainty over the durability of any geopolitical progress.
Both sides indicated that diplomatic deal with Iran is still possible, while US President Donald Trump is expected to support terms aligned with strategic and political priorities, including Israel’s security concerns.
While the market movement offers a potential window for relief, final fuel price adjustments in Pakistan will depend on government calculations in the coming days, leaving consumers waiting to see whether Friday brings meaningful relief after Eid ul Azha.
Petrol Levy drops by Rs6 per Litre, Diesel Levy goes up by Rs15 in Pakistan
About the Author
