ISLAMABAD:
In a major relief measure for the aviation sector, the government has significantly reduced jet fuel prices, a move expected to lower operating costs for airlines and potentially lead to reduced airfares for passengers.
According to official sources, the price of jet fuel used by large commercial aircraft has been cut by Rs48.80 per litre, bringing the new rate down to Rs283.52 per litre.
The reduction is a significant relief package for Pakistani airlines and carriers that have been facing increased operating expenses due to fluctuating fuel costs.
Officials said the latest drop raises the possibility of a corresponding reduction in airfares across domestic and international routes, although airlines have yet to make formal announcements.
Sources further revealed that the government has cumulatively reduced jet fuel prices by Rs283 per liter from their peak levels. The price of jet fuel had risen dramatically amid regional tensions and conflict-related uncertainties, hitting a record high of Rs 517 per litre.
However, before the outbreak of conflict in the Middle East, jet fuel was selling at Rs 188 per liter on 28 February. Aviation industry stakeholders believe the latest reduction will ease the financial pressure on airlines and support the recovery and growth of the country’s air transport sector.
The federal government on Friday also announced a significant reduction in oil prices, reducing both petrol and high-speed diesel by Rs22 per litre.
Prime Minister Shehbaz Sharif had earlier promised that the relief would be passed on to the public as soon as fiscal space became available. Officials said the commitment has now been fulfilled and is being presented as an “Eidul Azha gift” to the public on the third day of the festival.
The Prime Minister also noted that similar relief was provided in the previous week when fuel prices were reduced and reiterated that easing the burden on consumers remains a top priority for the government.
