There are indications that a considerable decrease in petrol and diesel prices may be on the horizon for Pakistan. Reports suggest a potential cut of Rs 13 per liter for petrol and Rs 15 per liter for diesel.
This projected reduction is attributed to a downturn in global oil prices, with one barrel of petrol witnessing a decrease of $5.49 to $94.95 and diesel experiencing a drop of $5.13 to $100.05 in the international market.
Presently, the current fuel prices in Pakistan stand at Rs 281.34 per liter for petrol and Rs 289.79 per liter for diesel.
The government is anticipated to make a final decision on the revised fuel prices by December 15. If approved, these changes will take effect from December 16.
The potential drop in fuel prices is a response to the shifting dynamics of the global oil market.
The decrease in global oil prices could offer relief to consumers in Pakistan by lowering the costs of petrol and diesel.
The government holds a key role in determining whether to implement the proposed price changes, aligning their decision with the prevailing market conditions.