By Commerce Reporter
LAHORE — The Lahore Chamber of Commerce & Industry (LCCI) has urged the government to immediately pass on the benefit of falling global oil prices to the public, saying international crude prices have slipped to a one-month low but domestic fuel prices in Pakistan continue to stay sky-high.
Senior Vice President Tanveer Ahmed Sheikh said global media reports confirm that Brent crude has dropped nearly 2%, settling around USD 62 per barrel. He stressed that when global prices go up, Pakistan increases rates overnight—so when prices fall, the same urgency must be shown. “Fair is fair,” he noted, adding that the public is already feeling the heat of inflation.
Price comparison: 2017 vs. today
Economic observers say Pakistanis are not receiving the true benefit of international price drops.
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- In 2017, global crude prices fluctuated between USD 80–90 per barrel, yet petrol in Pakistan was sold at Rs 70–80 per litre.
- Today, global crude is around USD 62 per barrel, much lower than 2017, yet petrol in Pakistan costs over Rs 250 per litre.
This clearly shows that despite the sharp fall in international crude, domestic fuel prices have not come down accordingly. Many analysts believe taxes, currency depreciation and weak pricing mechanisms keep petrol expensive, leaving consumers empty-handed whenever global prices drop.
Immediate relief needed
The LCCI SVP said reducing fuel prices would:
• Give instant relief to people battling record inflation
• Reduce transport and logistics costs
• Lower industrial production costs and boost exports
• Improve business confidence and economic stability
He added that timely price adjustments are essential for Pakistan’s economic recovery. “OGRA and the Ministry of Energy must revise petroleum prices in line with global trends so the public and the business sector can finally catch a break.”
The Lahore Chamber reaffirmed its commitment to pushing for policies that ensure fairness, transparency and economic growth, reminding the government that falling global oil prices should translate into genuine relief at home—something that has not happened for years.
