The federal government has increased the petrol price in Pakistan today. According to a notification by the Finance Ministry, the new price of petrol is Rs. 248.38/liter compared to the old rate of Rs. 247.03/liter. Meanwhile, the diesel price is inched up by Rs. 3.85/liter, taking it to Rs. 255.14/liter from Rs. 251.29/liter. The new prices will be applicable from November 1, 2024 for the next fortnight.
Previous Reports on Petrol Price in Pakistan
The media reports earlier this week stated that Pakistani consumers may soon experience some relief from the persistent burden of high fuel prices. They added that 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 the price of high-speed diesel has dropped 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 anticipated a reduction of Rs. 2 to Rs. 3/liter for petroleum products during the 15 days beginning November 1. With current exchange rates and tax levels, petrol prices were expected to decrease by up to Rs. 3/liter, and diesel prices might fall by around Rs. 2.30/liter.
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.
This revision in the prices will have an impact on the inflation rate in the country because the fuel prices in Pakistan are directly linked with it.
What do you think about the new petrol price in Pakistan? Do you think it would impact inflation? Please tell us in the comments section.
