The Pakistani government has officially announced a reduction of Rs. 2.04 in the petrol price for the upcoming fortnight. Earlier this week, there were conflicting reports about potential changes in fuel rates. Through an official notification, the Finance Division revealed that this adjustment is in response to global market dynamics and the performance of the Pakistani Rupee against the US Dollar. The revised prices will come into effect starting November 16, 2023.
Following this announcement, the new cost of petrol will be Rs. 281.34, down from the previous Rs. 283.38. Simultaneously, the price of diesel will be Rs. 296.71, which is a reduction from the previous rate of Rs. 303.18. However, the latest prices for kerosene oil and light diesel oil are yet to be disclosed.
Initial forecasts suggested a potential increase in petrol prices, estimating a rise of Rs. 3.18 per liter. If these predictions had materialized, the petrol price would have surged from the current Rs. 283.38 to a notable Rs. 286.56 per liter.
In contrast, high-speed diesel (HSD) was predicted to fall significantly, with an estimated drop of Rs. 8.30 per liter, lowering the price to Rs. 294.88 from the existing Rs. 303.18.
This conflicting trend extended to kerosene oil, which is expected to fall to Rs. 205.42 per liter from Rs. 211.03, a reduction of Rs. 5.61 per liter. Similarly, light diesel oil (LDO) was expected to be reduced by Rs. 8.33 per liter, potentially cutting its price to Rs. 181.13 per liter from Rs. 189.46.
The fluctuation in prices was attributed to current government taxes and adjustments influenced by the volatile US dollar exchange rate. Intriguingly, internal sources imply that the government may contemplate keeping the existing gasoline price, citing outstanding currency adjustments.
As these changes in petrol prices unfold, we invite you to share your thoughts on the new fuel prices in Pakistan. Stay updated on the latest fuel rates, including petrol and diesel prices, and witness how this reduction in petrol cost may impact the fuel economy in the country.