ISLAMABAD: Pakistan on Friday reduced petrol and diesel prices by Rs5 per liter for the coming week despite continuing volatility in global oil markets driven by tensions around the Strait of Hormuz and the ongoing Iran conflict.
The South Asian nation, which traditionally revises fuel prices on a fortnightly basis, has shifted to weekly adjustments under the current circumstances as authorities closely monitor fluctuations in international energy markets.
“The Government of Pakistan has revised the ex-depot prices of the petroleum products for the next week starting from 16th May, 2026,” the Ministry of Energy’s Petroleum Division said in a notification announcing the new rates.
According to the notification, the price of petrol was reduced by Rs5 per liter to Rs409.78, while high-speed diesel (HSD) was cut by Rs5 to Rs409.58 per liter.
The latest revision comes a week after Pakistan raised petrol and diesel prices by around Rs15 per liter, citing sharp volatility in international energy markets amid fears of supply disruptions linked to the Strait of Hormuz, a critical shipping route through which roughly one-fifth of global oil and liquefied natural gas (LNG) supplies normally pass.
Global oil markets have remained unsettled since the outbreak of war between the United States and Iran, with Brent crude currently remaining above $108 per barrel amid concerns over possible disruptions to shipping and energy supplies in the Gulf region.
Pakistan relies heavily on imported petroleum products and LNG, much of which transits through the Middle East, making the country particularly vulnerable to spikes in global oil prices and shipping disruptions.
The recent fluctuations in fuel prices have raised concerns about inflationary pressures in Pakistan, where higher petrol and diesel costs directly affect transport fares, electricity generation and food prices.
