Govt cuts jet fuel price by Rs23 per litre amid easing Middle East tensions

The government on Saturday reduced the price of jet fuel by Rs23 per litre following easing tensions in the Middle East. A day earlier, the government had slashed the price of high-speed diesel (HSD) by up to Rs32.12 per litre. Prime Minister Shehbaz Sharif approved the reduction in HSD price on Friday from Rs385.54 to Rs353.43 per litre.  According to a notification issued by Pakistan State Oil (PSO), the new rate for jet fuel stood at Rs471.01 per litre, while kerosene oil was priced at Rs428.81 per litre. The revision reflects changes in global oil prices and exchange rate fluctuations. The adjustment is expected to provide some relief to the aviation sector, which has been facing high operational costs due to elevated fuel prices. Read: Jet fuel price hiked for fifth time in 28 days The latest reduction came after a sharp surge in jet fuel prices last month, when rates climbed to a record Rs476.97 per litre following multiple increases within weeks. Authorities had cited the global oil crisis triggered by the US–Iran conflict, with prices rising by Rs288 per litre since the start of March. The spike in aviation fuel costs significantly raised operational expenses for airlines, prompting a steep increase in airfares. One-way domestic tickets on key routes such as Karachi, Lahore and Islamabad surged to as high as Rs40,000, while “chance seat” fares crossed Rs50,000. International travel was also affected, with economy class fares to destinations including the Middle East, Europe and North America raised to between Rs300,000 and Rs700,000, reflecting the broader impact of fuel price volatility on the aviation sector.