As September comes to a close, inflation-stricken citizens in Pakistan are eagerly awaiting the government’s announcement regarding the revision of petrol prices. Following two consecutive relief measures that saw a reduction of Rs. 10 and Rs. 1.86 per liter in recent weeks, another update is set to be revealed soon. With global crude oil prices trending downward, there is a promising possibility of further price decreases for petroleum products effective October 1, 2024.
According to media reports, analysts predict a potential reduction of Rs. 1 per liter in petrol prices and Rs. 3 per liter in diesel prices. However, there remains a slight chance that the petrol price could remain unchanged. The finance minister will make the final decision after consultations with the prime minister today, September 30, 2024.
Currently, petrol is priced at Rs. 249.10 per liter, while high-speed diesel stands at Rs. 249.69 per liter. Additionally, light diesel is priced at Rs. 141.93, and kerosene is available for Rs. 158.47 per liter. This follows a previous price adjustment on September 15, which saw petrol prices cut by Rs. 10 per liter and high-speed diesel reduced by Rs. 13.06 per liter.
The anticipated decline in crude oil prices in the international market plays a significant role in the expected price reductions in Pakistan. Reports indicate that Saudi Arabia is contemplating an increase in its oil production in December, which could further lower global prices. Given that Pakistan imports a substantial portion of its crude oil, this would have a direct and beneficial impact on the country’s fuel costs.
As the nation awaits the final announcement, both consumers and businesses are hopeful for continued relief from the burden of high fuel prices. A reduction in petrol prices would not only ease financial strains but also positively influence the overall economy, potentially sparking a wave of optimism among the public.
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