Possible Petrol Price Drop in Pakistan Amidst Global Fuel Price Decline

The Kakar-led interim government is set to review petrol prices for the second fortnight of November on Wednesday, November 15, 2023, with a final decision pending. The anticipated revision of petrol and diesel prices in Pakistan aligns with global oil price changes and local currency fluctuations against the US dollar. Unverified reports hint at a potential reduction in fuel prices in the South Asian nation, offering relief to inflation-burdened citizens grappling with record-high fuel costs.

Globally, petrol prices have experienced a 3 percent dip, reaching the lowest point in the last three months due to diminished demand. Brent crude slid by $2.07, settling at $79.54 per barrel, while US crude oil also saw a decline, hovering at $75.33. The expected decrease in petrol prices is linked to a significant drop in global fuel prices.

Two weeks ago, the caretaker government resisted lowering petrol prices, despite earlier reports suggesting a possible decrease in fuel prices. The sluggish sales point towards low consumer demand, raising concerns about a potential recession in the coming months.

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