The next bi-weekly petrol price update in Pakistan is just around the corner, and with global crude oil prices continuing to fall, there is strong speculation about further reductions in petroleum product prices starting October 1, 2024.
Public Anticipation
According to media sources, there could be a Rs. 1 per liter reduction in petrol prices and a Rs. 3 per liter drop in diesel prices. However, there’s also a slight possibility that petrol prices may remain unchanged. The finance minister is expected to make the official announcement later today (September 30, 2024), following discussions with the prime minister.
Current Fuel Prices
At present, 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. The most recent price cut, on September 15, saw petrol prices drop by Rs. 10 per liter and diesel prices by Rs. 13.06 per liter.
A significant factor in the expected reduction is the declining crude oil prices in the global market. Saudi Arabia, a key player in the oil industry, is reportedly considering ramping up oil production by December, which could further ease global prices. This would benefit Pakistan, given its substantial reliance on imported crude.
As the nation awaits the final decision, both consumers and businesses are hopeful that continued relief from high fuel prices will ease their financial burdens and stimulate the broader economy.
What’s your take on the possible decrease in petrol prices? Share your thoughts in the comments below!
