Petrol and Diesel Prices Cut: Pakistan Reduces Fuel Rates as Global Crude Volatility Continues

While fuel prices in India have remained steady amidst ongoing volatility in international crude oil markets, neighboring Pakistan has announced a downward revision in retail fuel rates. According to an official notification issued by the Petroleum Division, the Pakistani government has slashed the price of petrol by Rs 0.58 per litre and high-speed diesel (HSD) by Rs 0.17 per litre, with the revised rates remaining effective through August 31.

Revised Fuel Rates and Impact of Middle East Tensions

Following the latest price adjustment, the retail price of petrol stands at Rs 342.02 per litre, while high-speed diesel is priced at Rs 371.44 per litre. Even after these minor cuts, government levies and duties remain substantial, standing at Rs 114 per litre for petrol and Rs 100 per litre for diesel.

Energy analysts note that fuel prices in the region skyrocketed earlier in the year following the outbreak of the US-Iran conflict on February 28, which severely disrupted crude supplies through the Strait of Hormuz. High-speed diesel had peaked at a staggering Rs 520.35 per litre on April 3, while petrol touched a high of Rs 458.41 per litre. In response to persistent supply chain disruptions, the administration transitioned from weekly adjustments to dynamic pricing mechanisms to manage domestic consumption.

Fuel Price Stability in India and Global Crude Trends

In contrast to regional adjustments, retail petrol and diesel prices across major Indian cities remained completely unchanged on August 29, maintaining stability since the last major revision by state-run oil marketing companies on May 25. In New Delhi, petrol is currently retailed at ₹102.12 per litre, while diesel stands at ₹95.20 per litre.

On the international front, global crude benchmarks are heading toward weekly losses, snapping a two-week winning streak. Reuters data indicates that Brent crude futures slipped 0.3% (down 25 cents) to trade around $89.45 a barrel, while West Texas Intermediate (WTI) crude futures similarly dropped 0.3% to hover near $83.31 a barrel, offering a brief respite to global energy markets.