Diesel price cut by Rs32.63, petrol price rises by Rs2.97

The federal government has announced a major reduction in the price of high-speed diesel (HSD), cutting its rate by Rs32.63 per litre. At the same time, petrol consumers will face a price increase of Rs2.97 per litre

The federal government has announced a major reduction in the price of high-speed diesel (HSD), cutting its rate by Rs32.63 per litre. At the same time, petrol consumers will face a price increase of Rs2.97 per litre under the government’s latest petroleum pricing mechanism.

Following the adjustment, the price of high-speed diesel has been reduced to Rs363.06 per litre, while the new price of petrol stands at Rs337.51 per litre.

The government’s decision comes amid continued volatility in international oil markets and efforts to provide relief to consumers, particularly those who rely heavily on diesel for transportation, agriculture and other economic activities.

Earlier on Wednesday, Petroleum Minister Ali Pervaiz Malik had indicated that a substantial reduction in the diesel price was imminent. Speaking at a press conference alongside Federal Information Minister Attaullah Tarar, the minister said the government was expecting a reduction of around Rs30 to Rs32 per litre.

Malik explained that the government had been in discussions with local oil refineries to ensure that consumers could receive the maximum possible benefit from the decline in diesel prices. According to the minister, refinery representatives eventually agreed to the government’s request, paving the way for the significant reduction.

The petroleum minister thanked the refinery sector for cooperating with the government and said he planned to visit refineries in Karachi personally to acknowledge their support.

He said the government was closely monitoring developments in international fuel markets, which have remained under pressure because of geopolitical tensions and disruptions to global energy supplies.

According to Malik, the international situation remained challenging, with fuel-related difficulties being witnessed even in oil-producing countries. He also referred to renewed tensions surrounding the Iran-US conflict, saying the escalation had added to uncertainty in global energy markets.

The minister maintained that Pakistan’s political and economic leadership was taking measures to minimise the impact of international developments on domestic consumers. He expressed hope that the current period of uncertainty would ease and that conditions in global fuel markets would gradually improve.

Malik also highlighted the government’s previous relief measures, saying targeted subsidies had been introduced during difficult economic periods to reduce the burden on the public.

He pointed out that the government had allocated around Rs100 billion for public relief despite Pakistan remaining under an International Monetary Fund (IMF) programme. The minister said the government was continuing to explore options to provide assistance to consumers while maintaining its broader economic commitments.

The latest adjustment is expected to provide some relief to sectors that depend heavily on diesel, particularly transport and agriculture. However, the increase in petrol prices could raise fuel costs for private motorists and other petrol-dependent consumers.

With international oil prices and geopolitical developments continuing to influence domestic fuel rates, consumers are likely to remain closely focused on future petroleum price revisions.