Current Petroleum Prices in Pakistan on November 24, 2023

Current Petroleum Prices in Pakistan on November 24, 2023

The current petroleum prices in Pakistan on November 24, 2023 and onwards are as: Petrol per liter is Rs 281.34; and High Speed Diesel per liter is Rs 296.71.

The above prices are applicable till November 30, 2023 if not revised earlier.

In a bid to alleviate the financial strain on the public, the Pakistani government has declared a substantial reduction in the prices of petroleum products, effective as of Thursday, November 16, 2023. The decision, as conveyed through an official statement from the finance ministry, aligns with the recommendations made by the Oil and Gas Regulatory Authority (OGRA). These adjusted prices for the second half of November 2023 are a strategic response to the changing dynamics of the global oil market, illustrating a commitment to easing the economic burden on citizens.

In accordance with the latest revisions, the cost of petrol has been lowered by Rs.2.04 per liter, bringing it down to Rs281.34 from its prior rate of Rs.283.38. This reduction is anticipated to lead to a noticeable decrease in transportation expenses for citizens, potentially alleviating inflationary pressures.

The finance ministry’s press statement explained the rationale behind the decision, affirming, “The government has chosen to modify the prices of petroleum products for the fortnight starting November 16, 2023, in line with the recommendations of the Oil and Gas Regulatory Authority (OGRA).”

The reduction in the price of high-speed diesel is even more substantial, with a significant decrease of Rs6.47 per liter, bringing the cost down from Rs.303.18 to Rs.296.71. This adjustment is expected to have a cascading effect on various sectors, particularly those heavily reliant on diesel, such as transport and agriculture.

Additionally, the price of kerosene oil has seen a reduction of Rs6.05 per liter, now standing at Rs204.98 compared to the earlier rate of Rs211.03. This move aims to provide relief to households that depend on kerosene for lighting and cooking purposes.

Furthermore, the prices of light diesel oil have been cut by Rs9.01 per liter, resulting in a new rate of Rs.180.45 as opposed to the previous Rs189.46. This reduction is anticipated to benefit industries that use light diesel oil in their manufacturing processes, potentially contributing to improved economic conditions.

The government’s proactive approach in adjusting petroleum prices underscores its commitment to ensuring the welfare of the public and maintaining economic stability. This move also reflects a responsiveness to the challenges posed by fluctuating global oil prices.

While consumers across the country are likely to welcome the reduction in petroleum prices, analysts are closely monitoring potential ripple effects on inflation, consumer spending, and overall economic growth. As the revised prices take effect, consumers are encouraged to stay informed about the changes and adjust their budgets accordingly. The government’s decision to reduce petroleum prices comes as a timely relief, especially in a period where economic challenges and uncertainties persist globally.