Petrol prices set for another drop in October

ISLAMABAD: Petrol and diesel prices in Pakistan are expected to see a reduction starting October 1, 2024, as the government considers passing on relief to consumers following a significant decline in global oil rates.

According to sources, the petrol prices are likely to drop by Rs 3 per liter bringing the price of petrol down to Rs 246.10 per liter from Rs 249.10.

The international oil market’s downward trend, fueled by weak demand, supports this anticipated cut. Notably, Brent crude oil prices dropped by 48 cents to $72.27, while US crude oil prices decreased by 37 cents.

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These developments are set to bring relief to consumers as the government adjusts petrol prices for October in response to the shifting economic landscape.

The federal government reviews and adjusts fuel prices biweekly, taking into account fluctuations in international oil prices, exchange rates, and domestic demand.

In light of these developments, consumers are advised to remain patient and await official confirmation from the government regarding the adjustments in petrol and diesel prices.

Current petrol, diesel prices in Pakistan

On September 15, the government announced a reduction in fuel prices effective from September 16. According to a notification from the Finance Ministry, petrol prices have been decreased by Rs10 per litre, bringing the new price to Rs249.10 per litre, while high-speed diesel (HSD) has been reduced by Rs13.6 per litre, now costing Rs249.69 per litre.

Additionally, kerosene oil prices have dropped by Rs11.15 per litre, setting the new rate at Rs158.47 per litre.