ISLAMABAD: Global petroleum prices have fallen by around 12 percent in just three days but consumers in Pakistan have yet to see any reduction in domestic fuel prices.
The fall in international oil prices is due to the rise in the price of fuel in Pakistan in the last 12 days. According to available information, the price of diesel has risen by Rs65.08 per litre, and that of petrol has been increased by more than Rs25.01 per litre.
On July 17, diesel was available at Rs323.03 per litre, while petrol was priced at Rs310.71 per litre. The federal government had announced the introduction of a daily fuel price determination mechanism on the same day.
By July 29, petrol prices had reached Rs335.81 per litre, while diesel climbed to Rs388.38 per litre. During this period, petrol prices were reduced only twice by small margins by 35 paisa on July 21 and by Rs1 on July 27.
However, diesel prices have not seen any reduction since July 17.
International oil markets had been witnessing an upward trend after July 17, but prices recorded a sharp decline between July 25 and July 28, with global petroleum rates dropping by nearly 12 percent over three days.
Despite the fall in international prices, consumers in Pakistan continue to wait for a corresponding reduction in domestic fuel rates. Analysts say the impact of global price changes depends on factors including exchange rates, taxes, and the government’s pricing mechanism.
