Business & Finance

Government Expected to Cut Petrol and Diesel Prices for November

In a welcome development for those grappling with rising inflation, the government is anticipated to reduce petrol and diesel prices by approximately Rs15-19 per litre for the first half of November. According to reports, the cost of petrol is expected to decrease by about Rs20 per litre, thanks to the resurgence of the Pakistani rupee, while diesel prices are set to see a reduction of around Rs16 per litre. The decline in the prices of petroleum oil and lubricants (POLs), including high-speed diesel, is attributed to the strengthening of the local currency against the dollar, bolstered by stringent measures.

This anticipated revision would mark the second reduction in a month. Earlier in the month, the caretaker administration cut petrol prices by Rs40 per litre and high-speed diesel by Rs15 per litre for the second half of October. At present, the caretaker government has refrained from making a final decision. Prime Minister Anwaar Kakar will make the ultimate call during a scheduled meeting on October 31.

As of October 2023, the current prices stand at Rs283.38 per litre for petrol and Rs303.18 per litre for high-speed diesel.

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