Petrol and Diesel Price in Pakistan Today 1st November 2024

Jawad

31 Oct 2024

462

Petrol and Diesel Price in Pakistan Today 1st November 2024

Today, the federal government raised petrol prices in Pakistan, effective November 1, 2024. The Finance Ministry's notification states that the petrol price now stands at Rs. 248.38 per liter, a slight increase from the previous rate of Rs. 247.03. Diesel prices have also risen by Rs. 3.85 per liter, bringing the new rate to Rs. 255.14, up from Rs. 251.29. These revised rates will remain in effect for the next two weeks.

Speculation on Potential Fuel Price Relief

Earlier this week, media reports suggested the possibility of relief for Pakistani consumers who have been facing consistently high fuel costs. With global crude oil prices showing a slight dip, some expected the downward trend could result in reduced domestic fuel rates in November. This speculation offered hope for a much-needed price cut amid continuous inflation pressures.

PETROLEUM TYPE	OLD PRICE	NEW PRICE	DIFFERENCE
Petrol	247.03 PKR	248.38 PKR	+1.35 PKR
High Speed Diesel (HSD)	251.29 PKR	255.14 PKR	+3.85 PKR
Light Diesel Oil (LDO)	150.12 PKR	147.51 PKR	-2.61 PKR
Kerosene Oil	163.02 PKR	161.54 PKR	-1.48 PKR

Declining Global Oil Prices

The cost of crude oil on the international market has seen a minor decrease, with petrol prices dropping from $77.5 to $76 per barrel and high-speed diesel from $86.5 to $84 per barrel. These declines, along with stable import premiums, indicated a promising environment for reduced petrol and diesel costs within Pakistan, fostering optimism among consumers and analysts.

Expected Price Adjustments

Officials had anticipated a decrease of around Rs. 2 to Rs. 3 per liter for fuel, given the current exchange rates and tax levels. Specifically, petrol was expected to fall by as much as Rs. 3 per liter, while diesel could see a reduction of approximately Rs. 2.30. However, the government’s announcement today brought an increase instead, surprising those who anticipated a price cut.

Impact on Inflation and Economy

The recent adjustment in fuel prices, including the earlier increase on October 15 when diesel prices rose by Rs. 5 per liter, will likely contribute to inflation. Fuel costs directly influence inflation in Pakistan, impacting various sectors. How do you feel about the recent petrol price hike in Pakistan? Share your thoughts on how this might affect inflation in the comments section.

Petrol Price in Pakistan Diesel Prices Petrol price increase Diesel price hike November petrol rates Pakistan fuel prices Rising fuel costs Current diesel prices Fuel price update New fuel prices Petrol diesel Prices HSD Prices Petrol Diesel Kerosene Oil

« PREV POST
Changan Lumin Mini EV: A Compact Marvel

NEXT POST »
Toyota and Suzuki New Electric SUV Project

Related Auto News Updates