Big relief in petrol, diesel prices expected in Pakistan for second half of October

ISLAMABAD – A significant decline in the price of petrol, and diesel is expected for the second fortnight of October amid a decline in global prices.

Pakistan is experiencing record inflation, and petrol prices crossed triple century, while the country’s oil sector dealt a major blow, marking its lowest point since Covid lockdown.

Sources claimed a significant drop in petroleum product prices after a drop of $7 per barrel. This reduction is reflected in the Gulf market where crude oil prices moved down lately.

To pass on the global relief, the interim government is likely to slash petrol prices by up to Rs20 per liter.

Furthermore, diesel prices are also projected to decrease between Rs15-20 per liter.

Amid the drop in global prices, the local currency against the US Dollar improved, which will help the government to make changes.

Earlier, the prices of petroleum products were reduced as inflation hit the masses getting the first decrease in two months. The interim government also announced a drop in petroleum prices by up to Rs11 per litre.  The new prices will come into effect at midnight tonight.

Following Rs8 drop, petrol will now be sold at Rs323.38 per litre from October 1. The new price of high-speed diesel has been set at Rs318.18 per litre.