The time for the fortnightly revision of petrol prices in Pakistan is fast approaching. A reduction in petroleum product prices is expected starting October 1. This forecast comes as global crude oil prices decline.
Sources indicate a potential decrease of Rs 1 per litre in petrol prices. Additionally, they expect a Rs 3 per litre drop in diesel prices. However, some sources caution that the petrol price might remain unchanged.
Currently, petrol is priced at Rs 249.10 per litre. High-speed diesel costs Rs 249.69 per litre. Light diesel is priced at Rs 141.93, while kerosene stands at Rs 158.47 per litre. Just two weeks ago, on September 15, the government reduced petrol prices by Rs 10 per litre. They also slashed high-speed diesel prices by Rs 13.06 per litre.
Furthermore, the price of kerosene oil was lowered by Rs 11.15 per litre. This adjustment brought kerosene down from Rs 169.62 to Rs 158.47. Light diesel oil saw a decrease of Rs 12.12, now priced at Rs 141.93 per litre. These changes provided some relief to consumers amid rising living costs.
Meanwhile, in the international market, crude oil prices fell by over 3% on Thursday. Reports suggested that Saudi Arabia is preparing to abandon its $100 per barrel target. Instead, they plan to increase output in December along with OPEC members. As a result, Brent crude settled at $71.60 per barrel. Similarly, US West Texas Intermediate dropped to $67.67 per barrel.
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Global Oil Prices
These shifts in global oil prices directly impact the recent reductions in Pakistan’s fuel prices. If crude prices continue to decline, there is potential for further relief at the pump. This prospect is welcomed by consumers who have faced rising costs in recent months.
The government remains cautious as it monitors international market trends. Any further reductions will depend on sustained declines in crude oil prices. Analysts are closely watching these developments, as they could influence economic conditions in Pakistan.
As the revision date approaches, consumers are hopeful for more reductions. They are eager to see how the government responds to the changing global landscape. The coming days will reveal whether the anticipated price cuts will materialize. If so, it would provide much-needed relief to many households.
The fortnightly revision of petrol prices is set for October 1. Analysts expect a small decrease in petrol and diesel prices, thanks to falling global crude prices. With international benchmarks trending down, consumers may find some relief at the pumps in the near future.
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