Petroleum prices likely to drop in second March review

The federal government is expected to reduce petroleum prices in the upcoming second fortnightly review for March 2025, following a decline in global oil prices.

According to sources, petrol prices may decrease by Rs13 to Rs15 per litre, while high-speed diesel (HSD) could see a reduction of Rs11 per litre. The Oil and Gas Regulatory Authority (OGRA) is set to submit its recommendations to the Ministry of Finance, but the final decision will be made after consultations with Prime Minister Shehbaz Sharif.

The potential price cut comes as international oil markets experience a downward trend. Global crude prices dropped for a second consecutive day on Tuesday due to concerns over a possible US recession, the impact of tariffs on global economic growth, and expectations that OPEC+ may increase supply.

As of 0402 GMT, Brent crude futures fell by 6 cents (0.1%) to $69.22 per barrel, while US West Texas Intermediate (WTI) crude declined by 13 cents (0.2%) to $65.90 per barrel.