Petroleum product prices in Pakistan are expected to decline significantly following changes in the global oil market, raising hopes of relief for consumers struggling with rising living costs.

According to market sources, the ex-refinery price of diesel has dropped by Rs31 per litre, while petrol prices have decreased by Rs8.54 per litre.

The ex-refinery price of petrol reportedly fell from Rs277.06 to Rs268.52 per litre. However, customs duty on petrol increased by Rs2.86 per litre, rising from Rs22.75 to Rs25.61.

Despite the increase in customs duty, international fuel market trends continued to support lower prices. Reports showed that the premium on petrol increased by $2.90 per barrel, moving from $17.44 to $20.34 per barrel.

Meanwhile, the international price of petrol declined from $144.57 to $138.08 per barrel.

Diesel prices also recorded a sharp drop in the global market. The ex-refinery price of diesel fell from Rs322.28 to Rs291.37 per litre, while diesel prices in the international market dropped from $169.1 to $151.40 per barrel.

Officials said the final decision regarding petroleum prices will be taken by the government after consultation with the economic team and keeping revenue targets in view.

Experts believe that if the government avoids increasing the petroleum levy and margins, consumers could receive noticeable relief in the upcoming fuel price adjustment.