Pakistan is expected to see a reduction in petroleum product prices starting October 1, driven by a drop in global crude oil prices.
Sources indicate that petrol prices may decrease by Rs 1 per liter, while diesel could see a dip of Rs 3 per liter. However, there remains a slight possibility that petrol prices might not change.
The finance minister is set to make a final announcement on September 30, following consultations with the prime minister.
Currently, petrol costs Rs 249.10 per liter, high-speed diesel is priced at Rs 249.69 per liter, light diesel stands at Rs 141.93, and kerosene is available for Rs 158.47 per liter.
On September 15, the government had previously reduced petrol prices by Rs 10 per liter and high-speed diesel by Rs 13.06 per liter. Additionally, kerosene oil prices fell by Rs 11.15, bringing it down from Rs 169.62 to Rs 158.47, while light diesel saw a decrease of Rs 12.12, now priced at Rs 141.93 per liter.
In the international market, crude oil prices fell by over 3% on Thursday after reports indicated that Saudi Arabia is reconsidering its $100 per barrel target and plans to boost output in December alongside OPEC members. Brent crude settled at $71.60 per barrel, while US West Texas Intermediate dropped to $67.67 per barrel.
These changes in global oil prices are closely tied to the recent reductions in fuel prices in Pakistan, with the potential for further relief at the pump if crude prices continue to fall.
