Wednesday, February 21, 2024

Pakistan Government Likely to Cut Petrol Price by Rs.20 per Litre From December 1st

The interim government in Pakistan is anticipated to reduce petrol and diesel prices by up to Rs20 per litre for the initial two weeks of December 2023.

This adjustment is intended to reflect the decline in international oil prices, providing relief to the public in the face of significant inflation and limited income growth.

Global oil prices have experienced downward pressure, falling below $75 a barrel in mid-November due to concerns about sluggish global economic growth, particularly in China.

As of late November 2023, WTI crude traded at $76.5 a barrel, reflecting a roughly 7% decrease since October 29, while Brent declined by 5.4% during the same period, trading at $86.35 a barrel on November 29.

The final decision on fuel prices in Pakistan will be announced by the federal government on November 30, and the expected reduction of up to Rs20 per litre could bring the price to around Rs260, aiding efforts to manage inflation.

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