Karachi, September 11, 2024 – The oil prices in Pakistan as of today are as follows: petrol is priced at Rs 259.10 per liter, and high-speed diesel (HSD) stands at Rs 262.75 per liter.
These prices, effective from the last review on August 31, will remain applicable until September 15, 2024, when the government is set to announce the next revision for the second half of the month.
August 31 Price Review
During the most recent price review on August 31, 2024, the government announced reductions in both petrol and diesel prices, reflecting the impact of falling global oil prices. The price of petrol was reduced from Rs 260.96 to Rs 259.10 per liter, a decrease of Rs 1.86. Similarly, the price of high-speed diesel (HSD) was reduced from Rs 266.07 to Rs 262.75, marking a larger decrease of Rs 3.32 per liter.
This reduction marked the third consecutive decrease in fuel prices since July, offering some relief to consumers amid ongoing economic challenges. Over the past two months, the government has cumulatively reduced petrol prices by Rs 16.50 per liter, including a previous fortnightly cut of Rs 8.47 per liter on August 15, 2024. Diesel prices have also seen a significant cumulative reduction of Rs 6.70 per liter during the same period.
Global Oil Price Trends
The latest reductions are part of the government’s response to falling international oil prices. The price of Brent crude oil, which serves as a global benchmark, has recently dropped below $70 per barrel, its lowest level in 33 months. This global trend has offered some financial breathing room for oil-importing countries like Pakistan, allowing the government to pass on the benefit to consumers by lowering fuel costs.
Upcoming Oil Price Review
With international oil prices continuing to decline, analysts are predicting that the Government of Pakistan may announce further price cuts in its next review on September 15, 2024. If the global downward trend in oil prices persists, there is a strong possibility of additional reductions in both petrol and diesel prices, offering further relief to businesses and consumers alike.
Economic Impact
Lower fuel prices are expected to help ease inflationary pressures, reduce transportation costs, and provide a slight boost to the economy. However, much will depend on how global oil prices continue to behave in the coming weeks. The government will be closely monitoring these trends as it prepares for the next round of adjustments.
