Govt cuts jet fuel price by Rs23 per litre

Reduces price from Rs494.71 per litre to Rs471.01 per litre

ISLAMABAD:

The government on Saturday reduced the price of jet fuel by Rs23 per litre following easing of tensions in the Middle East. According to a notification issued by Pakistan State Oil (PSO), the new rate for jet fuel stands 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.

The latest reduction came after a sharp surge in jet fuel prices last month, when rates climbed to a record Rs494.71 per litre following multiple increases within weeks. Authorities 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, economy class fares to destinations including the Middle East, Europe and North America rose to between Rs300,000 and Rs700,000, reflecting the aviation sector's broader exposure to fuel price volatility.

A day earlier, the government slashed the price of HSD by up to Rs32.12 per litre. PM Shehbaz Sharif approved the reduction in HSD price from Rs385.54 to Rs353.43 per litre.