Petrol prices in Pakistan are likely to see a slight reduction this week, following a dip in international oil prices.
Currently, regular petrol is being sold at Rs247.93 per litre at pumps across the country. Although the anticipated price cut may not be substantial, it could still offer some relief to consumers who had feared an increase after prices remained unchanged in the last fortnightly review.
In the earlier announcement, the petrol prices stayed the same, diesel saw a modest hike of Rs5 per litre, which affected transporters and heavy vehicle owners. This time around, reports suggest that petrol prices may decrease by up to Rs3 per litre, while diesel could see a Rs2 per litre cut.
Hi-Octane petrol, often out of reach for many due to its high cost, is currently priced at Rs261.88 per litre. Despite the price gap between regular and Hi-Octane fuel, some experts argue that the quality of Hi-Octane sold in Pakistan is inferior to that in other countries, despite its higher cost.
While these price changes are based on current market trends, the government is expected to make the final decision after considering various factors affecting fuel costs. The new petrol and diesel prices will be announced on Thursday night, taking effect from November 1, 2024, and will stay in place for over two weeks until the next review.