Global crude oil prices have returned close to pre-war levels, yet Pakistan has kept petrol and diesel prices unchanged for the coming week. The decision means consumers will not benefit from the latest decline in international oil markets. Analysts say the move has sparked fresh debate over fuel pricing and government policy.
Brent crude fell to around $71.52 per barrel, while US crude declined to $68.65 after another 4.5% drop. Before the Middle East conflict began in February, Brent crude traded near $70.89 per barrel. Despite the decline, petrol in Pakistan remains at Rs299.50 per litre, while high-speed diesel stays at Rs311.47 per litre.
According to the report, fuel prices could have been significantly lower under current international market conditions. It estimated diesel should cost about Rs268.55 per litre using Dubai crude as a benchmark, including taxes and duties. Even after accounting for imported fuel costs, consumers could still have received notable reductions in petrol and diesel prices.
The report claimed the government withheld the benefit despite earlier assurances that reductions in global oil prices would be passed on to consumers. Petroleum Minister Ali Pervaiz Malik said the government had already reduced diesel prices by Rs200 per litre and petrol prices by Rs155 per litre during its tenure. However, sources alleged oil companies opposed further cuts after claiming losses of Rs104 billion from previous pricing decisions.
Consumers have urged the government to reduce petroleum prices as international crude continues to weaken. Many argue they accepted higher fuel costs during the regional conflict and now expect similar relief as markets stabilise. The government has not announced any reduction and recently increased the petroleum levy while maintaining existing retail fuel prices.