Pakistan reduces jet fuel, light diesel prices

ISLAMABAD: Pakistan on Saturday reduced the prices of jet fuel and light diesel oil following a decline in global crude oil prices after Iran announced the full reopening of the Strait of Hormuz.

According to official notifications, the price of light diesel oil has been reduced by Rs70.04 per litre, bringing the new rate down to Rs299.32 per litre.

Similarly, jet fuel prices have been cut by Rs23.59 per litre. The new price for aviation fuel has been set at around Rs471 per litre for commercial flights, reflecting a significant reduction over the past week.

Passengers are hopeful that airlines will reduce fares and pass on the benefit of lower jet fuel prices to customers.

A day earlier, Prime Minister Shehbaz Sharif had approved a decrease in diesel prices by Rs32.12, bringing the new rate to Rs353.43 per litre.

The premier said the government would pass on the full benefit of declining international oil prices to the public.

Global oil markets have experienced volatility in recent weeks due to tensions involving Iran. Analysts estimate that more than $50 billion worth of crude oil production was disrupted during the conflict, with long-term impacts expected on global supply.

Data suggests that since late February, over 500 million barrels of crude oil and condensate were removed from the global market, marking one of the largest supply disruptions in modern history.