Petrol, diesel prices expected to decrease from February 16

ISLAMABAD: According to sources, Petrol and diesel rates are expected to decrease from February 16, 2025, with a possible reduction of Rs2-3 per liter for the second half of this month.

This reduction comes as a welcome relief ahead of the Holy Month of Ramadan, attributed to decreasing international oil prices. Reports suggest that petrol may be priced at Rs255, while diesel could settle around Rs265 per liter.

The federal government is contemplating passing along this benefit to consumers, with the final determination resting with the Prime Minister following OGRA’s recommendations. New prices are expected to be revealed late Saturday.

Current Petrol Price in Pakistan

This adjustment in pricing can be linked to fluctuations in the global oil market alongside the application of the Inland Freight Equalization Margin (IFEM).

Oil values have dropped over 1% due to prospects of peace negotiations between Russia and Ukraine and an increase in US crude inventories. Consequently, Brent crude has decreased by 1.4%, reaching $74.14 per barrel, while WTI has fallen by 1.5% to $70.33 per barrel.

Market perceptions have shifted from concerns over supply shortages to expectations of sufficient supply levels; this includes a modest rise in Russian crude production. Such developments come as particularly positive news after Pakistan’s government recently raised petrol costs by Rs1 per liter and diesel by Rs7 per liter for early February 2025 amidst soaring global oil rates.