Petrol price to see another decrease from Oct 1

Fuel prices in Pakistan are likely to witness another drop from October 1, as the PML-led government is considering to pass on the benefit of lower global oil rates to consumers.

According to media reports, citing sources, the rates of petroleum products are likely to be slashed by Rs1 to 3 per litre. However, the final decision will be taken by PM Shehbaz Sharif.

In the international market, Brent crude oil prices have dropped by approximately $0.50, settling at around $72.27 per barrel, while US crude prices have fallen by 37 cents.

Consumers are advised to wait for the government's official announcement regarding the new prices. The government adjusts fuel prices biweekly, factoring in international oil market trends, currency exchange rates, and domestic consumption.

Regarding current fuel prices, the government had announced a price cut effective from September 16, 2024. As per a Finance Ministry notification, petrol prices were reduced by Rs10 per litre to Rs249.10 per litre, and high-speed diesel (HSD) saw a Rs13.6 per litre decrease, bringing it to Rs249.69 per litre.