The fluctuation in the cost of petrol and diesel is poised to occur in response to global oil price shifts and variations in the local currency against the US dollar.
Unconfirmed reports suggest a possible drop in petrol and petroleum product prices in Pakistan, adding to the challenges faced by the populace dealing with high inflation and record-high fuel costs.
The expected decrease in petrol prices is linked to a noteworthy downturn in global fuel prices. The interim government under Kakar’s leadership is scheduled to assess petrol prices for the latter half of November on Wednesday, November 15, 2023, with a final decision to follow.
Internationally, there has been a general 3% decrease in petroleum costs, marking the lowest point in the past 90 days because of a decrease in demand. Brent crude observed a decline of $2.07, stabilizing at $79.54 per barrel, while concurrently, US crude oil also saw a downturn, leveling off at $75.33.
Diminished sales indicate lower consumer demand and raise concerns about a potential recession in the coming months.
Notably, two weeks ago, despite earlier indications of a possible reduction in fuel prices, the caretaker government opted not to decrease petrol prices.