Petrol and diesel prices in Pakistan may decrease in early November due to a recent drop in global crude oil prices, officials have indicated. If implemented, this reduction would provide relief for Pakistani consumers, who continue to grapple with high inflation.
Officials have projected a price cut of Rs2 to 3 per litre for petroleum products for the upcoming 15-day period beginning November 1. The anticipated change is attributed to recent declines in global fuel prices.
Decrease in Crude Oil Prices
The per-barrel cost of crude oil has declined in recent weeks, with petrol prices falling from $77.5 to $76 per barrel. Similarly, high-speed diesel prices dropped from $86.5 to $84 per barrel. According to officials, these changes could directly influence domestic fuel prices.
When considering current exchange rates and applicable taxes, petrol prices in Pakistan may fall by up to Rs3 per litre, while diesel prices could see a decrease of around Rs2.30 per litre. The steady import premiums of $8.7 and $5 per barrel for petrol and diesel, respectively, have also played a role in stabilising costs.
Current Fuel Prices and Expected Adjustments
At present, the ex-depot price for petrol stands at Rs247.03 per litre, while diesel is priced at Rs251.29 per litre. The expected adjustment would provide some economic relief to consumers, who have been struggling with the rising cost of living. Lower fuel prices could also help ease transport and production costs, indirectly impacting the price of essential goods.
Previous Fuel Price Hike
Earlier on October 15, the government had announced a Rs5 per litre increase in high-speed diesel (HSD) prices due to global market fluctuations, while petrol prices were kept steady at Rs247.03 per litre. No adjustments were made for light diesel oil or kerosene at that time.
Economic Impact of Fuel Price Cuts
If the reduction in fuel prices proceeds as expected, it could offer some relief to Pakistan’s inflation-hit population. Lower fuel costs would help reduce overall inflationary pressure, potentially leading to reduced transportation and goods costs. As global fuel rates continue to fluctuate, consumers remain hopeful that lower prices will provide much-needed economic respite in the coming months.
Follow us on Google News, Instagram, YouTube, Facebook, Whats App, and TikTok for latest updates
