Major cut in petrol prices in Pakistan likely on new year

WEB DESK: A significant reduction in the prices of petrol and diesel is expected in Pakistan on the occasion of the New Year, following a sharp decline in global oil prices.

According to market sources, the price of petrol in the international market has dropped from $75.05 to $69.73 per barrel, reflecting a decrease of $5.32 per barrel. As a result, the ex-refinery price of petrol in Pakistan has fallen by Rs 11 per liter, declining from Rs 156.66 on December 15 to Rs 145.66 per liter.

Similarly, diesel prices in the global market have also registered a notable decrease. The price of diesel per barrel has come down by $4.35, falling from $84.27 to $79.92. Following this decline, the ex-refinery price of diesel in Pakistan has dropped by Rs 9.57 per liter, from Rs 164.92 to Rs 155.35.

Experts say that if the current global trend continues, consumers in Pakistan could benefit from a major reduction in petroleum prices at the start of the new year. However, officials note that the final decision rests with the government, which will take into account taxes, levies, and other fiscal considerations before announcing any price changes.

The potential reduction is being closely watched by the public, as fuel prices directly impact transportation costs and the prices of essential commodities across the country.