ISLAMABAD, April 17, 2026 — Pakistan reduced diesel prices on Friday following a sharp drop in global oil markets after Iran announced the reopening of the Strait of Hormuz, a key global energy shipping route, officials said.
According to a statement from the Prime Minister’s Office, the price of high-speed diesel was lowered by Rs32.12 per litre to Rs353.43, down from Rs385.54. However, the government decided to keep petrol prices unchanged for the next seven days starting April 18, petroleum division sources said.
Prime Minister Shehbaz Sharif said the government would pass on the benefits of declining international oil prices to consumers as quickly as possible.
The move follows a steep fall in global crude prices after easing geopolitical tensions in the Middle East. Oil markets reacted after Iran’s foreign minister confirmed that the Strait of Hormuz would remain open during a ceasefire period, while U.S. President Donald Trump said Tehran had agreed not to block the strategic waterway again.
Brent crude futures dropped nearly 13% to around $86 per barrel, while U.S. West Texas Intermediate (WTI) crude fell more than 14% to about $81 per barrel, marking their lowest levels since early March and their sharpest single-day declines in recent weeks.
Analysts said the reopening of the Strait of Hormuz — through which a significant portion of global oil supplies pass — has eased concerns over supply disruptions, leading to a rapid correction in oil prices.
The latest reduction follows last week’s substantial cuts, when the government slashed petrol prices by Rs12 per litre and diesel by Rs135, citing earlier declines in global markets.
Energy analysts said further price adjustments would depend on sustained stability in international oil markets and developments in the Middle East, which continue to influence global supply chains and fuel pricing.
The government’s pricing decisions are closely watched, as fuel costs have a direct impact on inflation, transport expenses and overall economic activity in Pakistan.