Fuel prices expected to drop next month

Petrol and diesel prices in Pakistan may see a decrease in November, as global market rates for crude oil have have shown a decline, according to officials.

The potential price drop could offer some relief to the inflation-hit public.

A reduction of Rs2 to 3 per litre for petroleum products is anticipated for the upcoming 15-day period beginning November 1, driven by recent global price changes, officials said.

The average per-barrel cost of petrol fell from $77.5 to $76, while high-speed diesel saw a drop from $86.5 to $84.

With current exchange rates and tax levels taken into account, petrol prices could fall by up to 3 rupees per litre, while diesel prices might decrease by around Rs2.30 per litre. Meanwhile, import premiums for both fuels remained steady at $8.7 and $5 per barrel.

Currently, ex-depot petrol prices stand at Rs247.03 per litre, and diesel at Rs251.29 per litre. The anticipated adjustments would provide some economic respite, easing the impact of high inflation on consumers.

Ealier on October 15, The government has announced an increase in the price of high-speed diesel (HSD) by Rs5 per litre, citing fluctuations in the international market.

However, the price of petrol was kept steady at Rs247.03 per litre for the subsequent two weeks.

No changes were mentioned regarding the prices of light diesel oil or kerosene.