Fuel price changes: Will the decline continue or is a surge looming?

The time for the fortnightly revision of petrol prices in Pakistan is fast approaching.

A reduction in petroleum product prices is expected in Pakistan starting October 1, in light of the decline in crude oil prices in the global market.

According to sources, a  Rs 1 per litre decrease in petrol prices and Rs 3 per litre dip in diesel prices is likely. They however added that there was a slight chance that petrol price may remain unchanged.

A final announcement will be made by the finance minister on September 30 after consulting with the prime minister.

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.

Earlier on September 15th government slashed petrol prices by Rs10 per litre and high-speed diesel (HSD) by Rs13.06 per litre.

In addition, the price of kerosene oil was reduced by Rs 11.15 per litre, bringing it down from Rs 169.62 to Rs 158.47, while light diesel oil saw a Rs 12.12 decrease, now priced at Rs 141.93 per litre.

Meanwhile in the international market, crude oil prices fell over 3% on Thursday after reports suggested Saudi Arabia is preparing to abandon its $100 per barrel target and plans to increase output in December along with OPEC members.

Brent crude settled at $71.60 per barrel, and US West Texas Intermediate dropped to $67.67 per barrel.

These global oil price shifts are directly linked to the recent reduction in Pakistan's fuel prices, with potential for further relief at the pump if crude prices continue to decline.