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Govt expected to reduce petrol, diesel prices this week


Today's petrol price in Pakistan

ISLAMABAD: Petrol prices in Pakistan are expected to witness a downward adjustment in the ongoing week after dropping in the international market.

Despite the fact that petrol prices in Pakistan are currently not that cheap, as regular fuel, as of today, is being sold at petrol pumps for Rs247.93 per litre, and the expected reduction in petroleum prices is not that big, this might be good news for at least those who thought the price of petrol and diesel may increase this time after remaining unchanged in the previous fortnightly review.

In the previous fortnightly review, petrol prices were left unchanged, but a slight increase of Rs5 per litre was announced in the rate of diesel. This might seem like a small increase, but it was not good news for transporters or those with heavy vehicles.

Now, looking at the latest reports, the government is expected to reduce the price of petrol by up to Rs3 per litre, and the price of diesel may be ‘slashed’ by Rs2 per litre.

To note, the price of Hi-Octane petrol remains out of reach for many in Pakistan and currently stands at Rs261.88 per litre.

Despite the price difference between regular and Hi-Octane fuel, some experts say that even the Hi-Octane being sold in the country is not up to the mark or of the quality being sold in other foreign countries, but still, people have to pay more for Hi-Octane.

For now, these are just predictions, as the final decision will be taken by the government after considering multiple factors which impact the petrol and diesel prices in the country. The final prices of petrol and diesel will be announced on Thursday night.

The new prices will come into effect from November 1, 2024, and will remain in effect for over two weeks until the next fortnightly review.

Read next: Intraday trading: PKR largely stable with four paisa gain against US dollar

 

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