Good news for Pakistanis as the petrol prices are expected to drop massively on November 1 after the decrease in prices globally.
Fuel prices in Pakistan are set to see a significant drop of up to Rs. 18 per liter, with estimates suggesting that High-Speed Diesel may decrease by Rs. 5-6 per liter and MS Petrol by Rs. 17-18 per liter on October 31.
If international oil prices and Rupee remain stable in coming days, local petrol and diesel prices could fall to around Rs. 297-298 and Rs. 265-266 per liter, respectively, in the next fortnightly price adjustment, effective from October 31, 2023.
The recent strength of the Pakistani Rupee against the US dollar, with a 28-day winning streak, along with the decline in international prices of High-Speed Diesel (HSD) and Motor Spirit (MS) by $1.3-3.5 per barrel last week, are the primary factors contributing to this expected price reduction. If realized, this will mark the third consecutive decrease in fuel prices following three consecutive increases.
It’s worth noting that this reduction comes after a series of fuel price hikes from August 15 to September 15. Which led to record-high petrol and diesel prices in Pakistan. The government subsequently reduced prices in two phases, providing some relief to consumers.
Please note that these estimates are based on current factors. The actual price adjustments may vary based on international market conditions and currency exchange rates.
