Petrol prices in Pakistan likely to see a massive fall after 16% global decline

Petrol prices in Pakistan likely to see a massive fall after 16% global decline

Petrol price cut coming in Pakistan. File photo

April, 8 2026

(Web Desk): Prime Minister Shehbaz Sharif has directed authorities to pass on the benefit of lower international oil prices to the public.

Special instructions have been issued to review fuel pricing accordingly. According to sources, the Finance and Petroleum ministries are actively assessing the possibility of reducing fuel prices, with a final decision expected after monitoring crude oil prices for a few more days.

International petroleum product prices have already fallen by around 16% after the announcement of the ceasefire between the US and Iran. This global trend is influencing local price considerations and is expected to bring relief to consumers in Pakistan.

The federal cabinet has also discussed the situation, considering the regional developments and Pakistan’s role in supporting peace efforts. The meeting also included a review of the country's petroleum stock levels.

Global oil prices took a sharp dip of 16% after the US-Iran ceasefire, reaching about $94 per barrel, which also caused global stock markets to surge. The sudden drop in oil prices has brought relief to financial markets, with hopes of lower fuel costs for consumers.

West Texas Intermediate crude oil fell sharply by $18.43, settling at $94.53 per barrel, while Brent crude dropped by $15.54, closing at $93.73 per barrel. The price decline followed a reduction in fears of a prolonged conflict in the Middle East, easing concerns over oil supply disruptions.

Following this, stock markets around the world reacted positively, with the Dow Jones Industrial Average rising by about 1,200 points. Both the S&P 500 and Nasdaq futures also surged, reflecting strong investor confidence.

However, the energy sector faced losses, as lower oil prices typically mean reduced profits for energy companies. Exxon Mobil shares fell by around 6%, while Chevron shares dropped by about 4.6%.

While the fall in crude prices is expected to benefit consumers at fuel stations, analysts caution that changes in wholesale oil prices usually take time to reflect at the retail level.

Despite the ceasefire bringing temporary stability, experts warn that the situation remains uncertain, with unresolved political tensions between the US and Iran. Iran has also hinted at introducing transit fees for oil tankers passing through the region, which could potentially increase global oil prices again.

Petrol prices in Pakistan are expected to decrease by Rs30 to Rs60 per liter due to the global decline in oil prices following the Iran-US ceasefire.

The expected reduction in petrol prices could provide relief to consumers in Pakistan. The global oil price drop is a positive outcome, but changes in retail prices may take time. While the ceasefire brings temporary stability, the situation in the Middle East remains fragile, and further price fluctuations are possible.