Consumers in Pakistan are expected to see a reduction in fuel prices once again as the federal government prepares for its fifth consecutive cut in petrol and diesel rates. This adjustment, anticipated to take effect from October 1, 2024, comes in response to changes in the global oil market and domestic economic conditions.
A significant factor driving the expected price cut is the consistent decline in global oil prices. International markets have been experiencing a drop due to weakened demand. Brent crude oil, a key benchmark, fell by 48 cents, bringing its price to $72.27 per barrel. Similarly, US crude oil saw a reduction of 37 cents. These global trends are creating an opportunity for Pakistan to pass on the benefits to its consumers.
In addition to international market dynamics, domestic inflation, which has now dropped to single digits, has also played a role in facilitating the potential reduction in fuel prices. Lower fuel costs are expected to contribute further to easing inflationary pressures, providing much-needed relief to the public and helping stabilize the economy.
In the last review conducted by the government, petrol prices were reduced by Rs10 per litre, bringing the cost down to Rs249.10 per litre. High-speed diesel (HSD) also saw a significant reduction, with its price cut by Rs13.06, setting the new rate at Rs249.69 per litre.
Here’s a breakdown of current fuel prices in Pakistan:
| Fuel Type | Current Price (PKR) |
|---|---|
| Petrol | 249.10 |
| High-Speed Diesel | 249.69 |
| Light Diesel Oil | 141.93 |
| Kerosene Oil | 158.47 |
The price of light diesel oil was reduced by Rs12.12 to Rs141.93, while kerosene oil experienced a cut of Rs11.15, bringing its price to Rs158.47.
As Pakistan gears up for another fuel price adjustment, this anticipated reduction in petrol and diesel rates is likely to offer financial relief to the public. With both domestic and international factors favoring a downward trend, the government is expected to make a formal announcement soon.
This expected price cut will come as a welcome development for households and businesses alike, further alleviating the cost of transportation and goods. The government’s continued efforts to monitor and adjust fuel prices in line with global and domestic economic conditions are seen as part of a broader strategy to stabilize inflation and support economic growth.
As October approaches, all eyes are on the government’s next decision on fuel prices. With the international oil market continuing to soften and inflation under control, there is optimism that another reduction in petrol and diesel prices will help ease the burden on consumers and further stabilize the country’s economy.
