In a welcome development, Pakistani consumers may soon experience some relief from the persistent burden of high fuel prices. According to recent reports, a decrease in global crude oil prices could lead to a reduction in domestic petrol and diesel prices in November.
The average per-barrel cost of petrol has fallen from $77.5 to $76, while high-speed diesel has seen a drop from $86.5 to $84. These downward trends in the international market, coupled with stable import premiums, have set the stage for potential price cuts in Pakistan.
Expected Price Reductions
Officials anticipate a reduction of Rs. 2 to Rs. 3 per liter for petroleum products during the 15-day period beginning November 1. With current exchange rates and tax levels, petrol prices could decrease by up to Rs. 3 per liter, and diesel prices might fall by around Rs. 2.30 per liter. If it happens, petrol and diesel new price will be Rs. 244.03 and Rs. 248.99 per liter, respectively.
Recent Price Adjustments
It’s important to note that two weeks back, on October 15, the government increased the price of high-speed diesel (HSD) by Rs. 5 per liter due to fluctuations in the international market. The current price of HSD is Rs. 251.29/liter compared to the previous Rs. 246.29/liter. However, the price of petrol was kept unchanged at Rs. 247.03 per liter.
A Much-Needed Relief
The potential price reduction in November could provide significant relief to consumers, especially considering the ongoing inflationary pressures. Lower fuel prices can have a ripple effect, easing the cost of transportation, food, and other essential goods.
While this news offers hope, it’s crucial to remain vigilant and monitor the global oil market for any unforeseen changes. As always, consumers should make informed decisions and adopt fuel-efficient practices to minimize their expenses.
What do you think about the anticipation regarding decrease in Petrol and diesel prices in Pakistan? Tell us in the comments section.
