Islamabad by Special Correspondent EHSAN BUKHARI
Despite a significant decline in global petroleum prices over the past 11 days, Pakistanis continue to pay exorbitant fuel prices—equivalent to levels last seen in 2019. According to international benchmarks, Brent crude has fallen from approximately $71.70 to $65.98 per barrel—a drop of $5.72. Similarly, U.S. WTI crude has tumbled by $5.71, reaching $63.48 per barrel. Yet, this fall has not translated into appreciable relief at the pump. In 2019, the Oil & Gas Regulatory Authority (OGRA) reflected domestic petrol prices exceeding Rs. 97 per liter, which later rose to around Rs. 105. Astonishingly, current prices have surged to Rs. 264.61 per liter—reflecting a dramatic disconnection between local pricing and global trends. When contacted for comment, OGRA Chairman Masroor Khan and PRO Imran Ghaznavi reiterated that “OGRA merely calculates the base price. Final pricing—including federal taxes—is determined by the Ministry of Energy (Petroleum Division) and the Ministry of Finance.”
Although the government had proposed relief measures starting August 16, Prime Minister Shehbaz Sharif was unable to reduce petrol prices. However, finance authorities did manage to cut prices of other fuels: High Speed Diesel (HSD): Reduced by Rs. 12.84, now priced at Rs. 272.99 per liter Kerosene: Reduced by Rs. 7.19, now priced at Rs. 178.27 per liter Light Diesel Oil (LDO): Reduced by Rs. 8.20, now priced at Rs. 162.37 per liter These changes took effect at midnight following the issuance of a formal price notification by the Ministry of Finance. Overall, while petrol prices remain stubbornly high, the reductions in diesel and kerosene prices offer limited reprieve to consumers facing an otherwise steep fuel burden.
