Petrol prices likely to drop again from October 1 in Pakistan

ISLAMABAD: Pakistan is expected to see its fifth fuel price cut starting October 1, 2024, driven by declining global oil rates. According to local media reports, this reduction is anticipated to significantly decrease inflation, currently in the single digits.

The international oil market’s downward trend, fueled by weak demand, supports this anticipated cut. Notably, Brent crude oil prices dropped by 48 cents to $72.27, while US crude oil prices decreased by 37 cents.

These developments are set to bring relief to consumers as the government adjusts fuel prices in response to the shifting economic landscape.

In last fortnight’s review, the federal government slashed petrol prices by Rs10, setting the new price at Rs249.10 per litre. The cost of high-speed diesel (HSD) was decreased by Rs13.06, bringing it to Rs249.69 per litre.

Light diesel oil prices fell by Rs12.12 to Rs141.93, and kerosene oil was cut by Rs11.15, now priced at Rs158.47, according to a notification from the Finance Division.