Can petrol prices in Pakistan be expected to decrease?

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Can petrol prices in Pakistan be expected to decrease? According to people familiar with the situation, the caretaker government could reduce the price of petroleum products in the upcoming fortnightly review, reported Geo News on Monday.

In the fortnightly review on December 15, the people revealed that since there has been a decrease in the price of petroleum products on the global market, the government is able to pass on the benefits to the nation as part of the fortnightly review.

Geo News reports that the price of petrol is expected to drop by Rs 13 per liter and that the price of diesel is expected to drop by Rs 15 per liter – as the masses are also hoping for a drop in the prices amid falling global prices.

Oil prices are down on Monday as concerns persist about crude oversupply despite OPEC+ cuts and weaker fuel demand growth next year, despite OPEC+ cuts. On Friday, the price of crude oil fell for a seventh consecutive week, the longest consecutive slippage since 2018, as lingering concerns about oversupply continued to weigh on the market.

Until the 15th of December, the caretaker federal government had maintained a price of Rs281.34 per liter of petrol in the country.

Price of products at the moment

Petrol Rs281.34

High-Speed Diesel (HSD)   Rs289.71

Kerosene oil Rs201.16

Light diesel oil Rs175.93

However, the rate of high-speed diesel (HSD) was slashed by Rs7 per liter while the rate of kerosene oil was lowered by Rs3.82 per liter due to the government’s decision. There was a reduction of Rs4.52 per liter in the price of light diesel oil.

To transfer the impact to the domestic market, the country adjusts its fuel prices on a fortnightly basis based on fluctuating international energy market costs and rupee-dollar parity.

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