In Pakistan, surge in petrol prices on every fortnight has become a norm. The practice has pushed fuel prices to the record high of Rs. 323.38, even after the recent slump of Rs. 8 per litre on Oct 1, 2023.
In a world of modern economies, a shift in petrol prices triggers repercussions. Same is happening in Pakistan since months. Exorbitant and uneven jump nudges the already-vulnerable segment of populace into a financial distress whereas the decrease brings a sigh of relief.
Days before the incumbent interim government dropped the petrol prices on Oct 1, we had already informed you regarding the upcoming move and the reason behind it was PKR’s performance against dollar.
And this time again, as per the reports swirl around, prices of petroleum products are likely to decrease in a review due on Oct 15. The update came after fuel prices are plummeting consistently at global market.
In the global market, there is a continuous trend of decreasing prices of crude oil, and its value has dropped by more than 5%. The price of British Brent crude oil has fallen to $85.81 per barrel, while WTI crude oil has decreased to $84.22 per barrel.
The prices of crude oil in the international market have further declined. The decrease in the price of crude oil is due to the sluggish global economy and reduced demand concerns.
On the other hand, there is a possibility that OPEC may not reduce oil production further. Experts have indicated that if this trend continues in the global market, there could be a significant reduction in fuel prices in Pakistan.
Current Petrol Prices
After a decrease of Rs. 8 per litre and Rs. 11/litre, Petrol and diesel prices lies at Rs. 323.38 and Rs. 318.18.
What you expect regarding anticipated drop in petrol prices? Tell us in the comments section.
