ISLAMABAD: The government of Pakistan on Friday announced a significant reduction in the price of high-speed diesel (HSD), lowering it by Rs32.12 per litre following a drop in international oil prices.
According to a statement from the Prime Minister’s Office, the new diesel price has been fixed at Rs353.43 per litre, down from Rs385.54.
Prime Minister Shehbaz Sharif said the government was committed to passing on the benefits of declining global oil prices to the public without delay.
Petrol price unchanged
Sources in the Petroleum Division said the price of petrol would remain unchanged for the next seven days starting April 18.
The latest adjustment follows last week’s review, when the government had reduced petrol prices by Rs12 per litre and diesel by Rs13.5, citing easing global oil rates.
Global oil prices tumble
The price cut comes as international oil markets witnessed a sharp decline, with crude prices falling by around 13 per cent amid signs of easing tensions in the Middle East.
Brent Crude dropped nearly $13 to around $86.5 per barrel, while West Texas Intermediate fell by about $13.5 to near $81 per barrel — both hitting their lowest levels since March.
The decline followed statements from Abbas Araghchi indicating that the Strait of Hormuz would remain open during the ongoing ceasefire period.
U.S. President Donald Trump also said Iran had agreed not to block the vital shipping lane, a move seen as easing fears of supply disruptions.
Market outlook
Analysts said the reopening of the Strait of Hormuz could stabilise global energy supplies, though they cautioned that sustained price relief would depend on the durability of the ceasefire and broader geopolitical developments.
The government’s latest price cut is expected to provide some relief to transport and industrial sectors, which rely heavily on diesel, as well as help ease inflationary pressures in the country.