ISLAMABAD: Pakistan is expected to witness a decrease in the prices of petroleum products, particularly petrol and high-speed diesel (HSD), effective from November 15, 2024.
As per the details, petrol and diesel prices are likely to be reduced after the global oil prices continued their downward trajectory at the start of the week, driven by easing supply concerns and disappointing economic stimulus measures from China.
The international market has seen a drop in prices, with Brent crude futures falling 0.4% to $73.56 per barrel, while US West Texas Intermediate (WTI) crude dropped 0.5% to $70 per barrel. This decline follows a 2% drop in both benchmarks on Friday.
Notably, on November 1, 2024, the government increased the price of petrol by Rs 1.35 paise per litre while the price of high-speed diesel has been increased by Rs 3.85 paise. After the increase, the new price of petrol is Rs 248. 38 paise per litre, while the new price of high-speed diesel is fixed at Rs 255.14 paise.
The price adjustment is expected to impact various sectors, as petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, affecting the budgets of middle- and lower-middle-class individuals.