PESHAWAR: Pakistan on Friday approved a fresh cut in diesel prices, reducing the rate by Rs32.12 per liter, as easing global oil pressures following Iran’s decision to reopen the Strait of Hormuz begin to filter into domestic markets.
The reduction brings the price of high-speed diesel down to Rs353.43 per liter from Rs385.54, according to a statement from the Prime Minister’s Office.
The latest cut follows weeks of volatility driven by the war in Iran, during which Tehran had shut down the strategic Hormuz waterway that carries about one-fifth of the world’s oil and gas supplies.
“The effects of the reduction in oil prices will be passed on to the public as quickly as possible,” Prime Minister Shehbaz Sharif said in the statement issued by his office.
Pakistan, which imports the bulk of its energy needs, has been adjusting domestic fuel prices in response to global oil market swings triggered by conflict involving the United States, Israel and Iran.
Authorities had sharply increased fuel prices in March following the outbreak of the war, raising both petrol and diesel rates by Rs55 per liter as global oil markets surged.
Within weeks, cumulative increases pushed petrol and diesel prices to record highs, reflecting the impact of supply disruptions linked to tensions around the Strait of Hormuz.
The latest move follows a sharp reduction announced earlier this month, when authorities slashed diesel prices by more than Rs130 per liter after a drop in international oil prices.
The latest reduction in diesel prices is expected to provide relief to consumers and ease pressure on key sectors such as agriculture and transport, which rely heavily on the fuel.
The announcement did not mention a reduction in petrol prices, which currently stand at Rs366.58 per liter.
