Petrol and diesel prices in Pakistan are expected to see a reduction starting October 1, 2024, as the government considers passing on relief to consumers following a significant decline in global oil rates.

Sources privy to the matter said with the matter revealed that while discussions are underway, the exact figures for the upcoming price adjustment have yet to be finalized.

Globally, Brent crude oil prices have experienced a decline of approximately $0.50, settling at around $72.27 per barrel. Meanwhile, US crude oil prices have decreased by 37 cents. This downward trend in global oil prices has created an optimistic outlook for Pakistani consumers, as it signals potential relief at the fuel pumps.

In light of these developments, consumers are advised to remain patient and await official confirmation from the government regarding the adjustments in petrol and diesel prices.

The federal government reviews and adjusts fuel prices biweekly, taking into account fluctuations in international oil prices, exchange rates, and domestic demand.

Current petrol, diesel prices in Pakistan

On September 15, the government announced a reduction in fuel prices effective from September 16. According to a notification from the Finance Ministry, petrol prices have been decreased by Rs10 per litre, bringing the new price to Rs249.10 per litre, while high-speed diesel (HSD) has been reduced by Rs13.6 per litre, now costing Rs249.69 per litre.

Additionally, kerosene oil prices have dropped by Rs11.15 per litre, setting the new rate at Rs158.47 per litre.