The cost of petrol and diesel is expected to change based on global oil prices and fluctuations in the local currency against the US dollar.
There are unconfirmed reports indicating a possible decrease in petrol and other petroleum products in Pakistan. This speculation comes as people in Pakistan, already grappling with high inflation, are facing record-high fuel prices.
The anticipated drop in petrol prices is attributed to a significant decline in global fuel prices. The interim government led by Kakar is set to review petrol prices for the second half of November on Wednesday, November 15, 2023, and a final decision will be made.
Globally, petrol prices have fallen by around 3 percent to the lowest point in the last three months due to decreased demand. Brent crude dropped by $2.07, settling at $79.54 per barrel, and US crude oil also saw a decline, hovering at $75.33.
The sluggish sales indicate reduced consumer demand and concerns about a potential recession in the coming months.
Two weeks ago, the caretaker government chose not to decrease petrol prices despite earlier reports suggesting a possible reduction in fuel prices.