Pakistan has recently unveiled fresh petroleum prices, offering a welcome relief to consumers nationwide. The latest figures indicate that, as of October 13, 2023, the cost of petrol now stands at Rs 323.38 per liter, while high-speed diesel is priced at Rs 318.18 per liter.
These updated rates will be in effect until October 15, 2023, unless revised sooner, with the next review of petroleum prices scheduled for October 16, 2023.
In a significant development, Pakistan has chosen to reduce petroleum prices for the first half of October 2023, effective from October 1, 2023. As per an official notification from the Ministry of Finance, the price of petrol has been lowered by Rs 8, bringing it down to Rs 323.38 per liter, down from its previous rate of Rs 331.38 per liter. Similarly, the price of high-speed diesel has been cut by Rs 11, resulting in a new rate of Rs 318.18 per liter, as opposed to the previous Rs 329.18.
Initial expectations among experts were for a more substantial reduction in petroleum prices. However, the recent escalation of the Israel-Hamas conflict has reshaped the outlook. Pakistan is closely monitoring global oil prices, a situation triggered by the intensifying conflict that commenced with Hamas launching attacks on Israeli installations last week, resulting in significant losses on both sides. In response, Israel conducted bombings, leading to casualties, including innocent civilians. As the conflict enters its third day, international oil prices have surged by a substantial 4 percent.
Sources within Pakistan’s petroleum ministry indicate that the country is diligently keeping an eye on the situation, particularly global oil prices, which directly impact domestic fuel prices. Pakistan’s review of petroleum prices for the second half of October 2023 is scheduled for October 15, 2023. Analysts had anticipated a significant reduction in domestic petroleum prices due to the substantial decline in international oil prices over the past few weeks and the noteworthy strengthening of the Pakistani rupee. Stay tuned for further updates on petroleum prices in Pakistan.
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