The month is about to end, and again, inflation-ridden masses are waiting for the results of the revision in petrol prices. The government has already announced two consecutive reliefs of Rs. 10 and Rs. 1.86 per liter in the last two revisions.
Another fortnightly update on petrol prices in Pakistan is approaching fast. With global crude oil prices on the decline, there’s a strong possibility of a price decrease for petroleum products starting October 1, 2024.
The Anticipation
Media reports suggest that a reduction of Rs. 1 per liter in petrol price and Rs. 3 per liter in diesel price is likely. However, there’s also a slight chance that the petrol price might remain unchanged. The final decision will be announced by the finance minister after consulting with the prime minister today on September 30, 2024.
Current Petrol Price
Currently, petrol is priced at Rs 249.10 per liter, high-speed diesel at Rs 249.69 per liter, light diesel at Rs 141.93, and kerosene at Rs 158.47 per liter. This follows a previous price reduction on September 15, where petrol prices were slashed by Rs. 10 per liter and high-speed diesel by Rs 13.06 per liter.
The recent drop in crude oil prices in the international market is a major factor contributing to the expected price reduction in Pakistan.
Reports suggest that Saudi Arabia is considering increasing its oil production in December, which would further lower global prices. This would directly benefit Pakistan, as it imports a significant portion of its crude oil needs.
As the country awaits the final announcement, consumers and businesses alike are hopeful for continued relief from the burden of high fuel prices. A reduction in petrol prices would not only provide financial relief but also have a positive impact on the overall economy.
What do you think about the anticipated decrease in petrol price in Pakistan? Drop your thoughts in the comments section.
