Islamabad, October 15, 2023 – Pakistan is on the brink of announcing new petroleum prices for the second half of October 2023, a move influenced by the recent uptick in global oil prices.
The updated prices for petroleum products will come into effect on October 16 and remain applicable until the end of the month.
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This announcement occurs at a time when international oil prices have experienced a significant surge, primarily driven by escalating tensions following the Israel-Hamas conflict. The global oil market’s sudden shift is expected to have implications for domestic petroleum prices in Pakistan.
Analysts had initially anticipated a notable reduction in domestic petroleum prices due to the substantial decline in international oil prices over the past few weeks and the significant appreciation of the Pakistani Rupee against the US Dollar. However, the evolving situation in the global oil market is likely to influence the upcoming pricing outlook.
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In the most recent pricing review on September 30, 2023, Pakistan had announced substantial cuts in petroleum prices for the first half of October 2023. These new prices took effect on October 1, 2023. As per the notification from the Ministry of Finance, the price of petrol was 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 was lowered by Rs 11, resulting in a new price of Rs 318.18 per liter, down from Rs 329.18.
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The evolving situation in the Middle East, particularly in light of recent events, may lead to a reassessment of these prices in the upcoming review. As the country awaits the announcement of the new petroleum prices, consumers and businesses alike will be keeping a close eye on how global developments impact their fuel expenses.
