Pakistan has just announced fresh petroleum prices, bringing relief to consumers across the nation. The latest rates reveal that petrol is now priced at Rs 323.38 per liter, while high-speed diesel stands at Rs 318.18 per liter.
These newly adjusted prices will remain in effect until October 15, 2023, unless changed earlier. The next review of petroleum prices is scheduled for October 16, 2023.
In a significant move, Pakistan has decided to cut petroleum prices for the first half of October 2023, with the changes taking effect from October 1, 2023. According to a notification released by the Ministry of Finance, the price of petrol has been reduced by Rs 8, bringing it down to Rs 323.38 per liter from its previous rate of Rs 331.38 per liter. Similarly, the price of high-speed diesel has seen a reduction of Rs 11, resulting in a new price of Rs 318.18 per liter, down from Rs 329.18.
While experts initially anticipated a sharper reduction in petroleum prices, the recent escalation of the Israel-Hamas conflict has altered the outlook. Pakistan is closely monitoring global oil prices due to the intensifying conflict, which began with Hamas launching attacks on Israeli installations last week, leading to significant losses on both sides. In response, Israel carried out bombings, resulting in casualties, including innocent civilians. As the conflict enters its third day, international oil prices have surged by a substantial 4 percent.
Sources within the Pakistani petroleum ministry report that the country is vigilantly monitoring the situation, particularly global oil prices, which directly influence domestic fuel prices. Pakistan is scheduled to review petroleum prices on October 15, 2023, for the second half of the month. Analysts had anticipated a significant reduction in domestic petroleum prices, given the substantial decline in international oil prices over the past few weeks and the notable appreciation of the Pakistani rupee. Stay tuned for further updates on petroleum prices in Pakistan.
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