Islamabad: According to media reports, Pakistan is expected to witness a decrease in petrol prices, offering much-needed relief to citizens grappling with soaring inflation. The reduction, anticipated for the first half of March 2024, is attributed to a notable decline in global oil prices.

Market analysts suggest that prices of petrol and diesel could potentially decrease by approximately Rs7-10 per litre starting from March 1st, lasting for the subsequent two weeks. The decision regarding these adjustments is set to be finalized by the outgoing government on the night of February 29th.

Petrol Price in Pakistan

Recent fluctuations in oil prices reflect a downward trend, with Brent crude dropping to $81.27 a barrel and US West Texas Intermediate crude futures (WTI) falling to $76.14 a barrel as of February 26th. This decline is primarily attributed to the strengthening US dollar, which has exerted pressure on commodity prices.

Since November of the previous year, oil prices have oscillated between $70-$90 a barrel, influenced by various factors such as increased US supply and uncertainties regarding demand in Beijing. Despite ongoing efforts by OPEC+ to adjust supply and geopolitical tensions, market sentiment remains volatile.

Read more: Petrol Prices in Pakistan Increased: Latest Petrol Price from February 16

This news comes after the outgoing government implemented a hike in petrol prices by Rs2.71 per litre and high-speed diesel (HSD) by Rs8.73 per litre earlier in mid-February.