Petrol and diesel prices drop sharply in Pakistan

Prime Minister Shehbaz Sharif on Friday announced a Rs135 per litre cut in diesel and Rs12 per litre in petrol prices for the week ending April 17 to pass on the impact of ease in global prices following a two-week ceasefire between the United States and Iran.

This cut is an unwelcome surprise to those with pocketbooks who have to spend more on their daily commute and farmers who depend on fuel (petrol in cars and diesel in trucks and machines). The current price of diesel is 385 rupees per liter, much lower than earlier. The petrol is adjusted at 366 rupees per liter and this alleviated the pressure a notch.

These lower rates take effect immediately after midnight to-night, that is pumps are updated early morning. This move is already being celebrated by people, though some complain that it is not a big enough one–see local reaction to get the whole story. As PM Sharif gives this update in his national address, he alludes to skies in the world that are getting brighter. There is no longer any fighting in the Gulf region but peace discussions are sprouting rapidly.

Today the foes of yesterday are taking a seat to talk. He credits brotherly Iran and US leaders with the propulsive action of this calm. This change translates to more stable oil reserves across the globe, and this will keep the fuel prices at Pakistan under control (no drastic swings on account of the war phobia).

This price roll-back boosts daily life cheaper rides to work, lower farm costs, and savings on transport. Government watches oil markets closely for more good news. Stay tuned as effects ripple through markets tomorrow.