Friday, December 1, 2023

Here’s How Much Petrol Price Expected to Reduce from 16th November

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.

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