Prime Minister Shehbaz Sharif has approved a reduction in diesel prices to provide immediate relief to the public, his office said on Friday.
The decision lowers diesel prices by Rs32.12, bringing the rate down from Rs385.54 to Rs353.43 per litre.
The prime minister directed that the benefits of the fuel price reduction be passed on to the public as quickly as possible.
The new price will come into effect from midnight.
The announcement comes at a time of significant global crude‑oil price movements, driven by developments in the Middle East.
On Friday, oil prices plunged sharply after Iran declared the Strait of Hormuz open for commercial shipping for the duration of a ceasefire, alleviating some fears of prolonged disruption to crude flows through one of the world’s most critical energy chokepoints.
Brent crude futures fell by nearly 13 % and U.S. West Texas Intermediate prices likewise tumbled, marking their largest daily declines in over a month.
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Analysts cited hopes that a reduction in geopolitical risk and potential progress in U.S.–Iran negotiations could help revive energy supply outlooks.
The Strait of Hormuz, through which a substantial portion of global oil and liquefied natural gas is normally transported, had been effectively closed amid months of heightened tensions and conflict in the region.
Its reopening was tied to a temporary ceasefire and cooperation between international parties, prompting a swift repricing in energy markets.
Despite the drop in crude benchmarks, uncertainty remains over whether the shipping volumes will return to pre‑conflict levels and how durable the truce and market sentiment will be.
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