KARACHI – Pakistan’s interim government is expected to slash petrol prices to pass on relief in global oil prices to inflation-weary Pakistanis.
Reports in local media suggest that petrol prices will move down by up to Rs20 per litre for the next two weeks. The price of Diesel, Kerosene and other POLs will follow the trend too.
The relief for Pakistanis on petrol prices comes amid a drop in global oil prices.
Meanwhile, people who are paying record prices are closely watching this anticipated change, with millions hoping for relief on fuel, especially considering the economic meltdown.
In major metrpolises like Lahore, Karachi and Islamabad, petrol prices influence daily expenses due to extraordinary commuting distances, and a drop in fuel prices will give some breathing room to distressed masses.
Globally, oil prices moved down below $75 a barrel in mid-November in the wake of concerns about leisurely global economic growth, especially in China. In late November 2023, WTI crude traded at $76.5 a barrel, with drop of around 7pc as compared to October 29.
Brent also remained under pressure, moving down by 5.4 percent in the past month, trading at $86.35 a barrel this week.
With the expected revision in fuel price, the expected price is said to be around Rs260 in Pakistan.
https://en.dailypakistan.com.pk/28-Nov-2023/what-could-be-the-latest-petrol-price-in-pakistan-from-december-1
