Petrol Rates in Pakistan Decrease by Rs. 2.04/L

Jawad

15 Nov 2023

364

Petrol Rates in Pakistan Decrease by Rs. 2.04/L

The Pakistani government has officially declared a reduction of Rs. 2.04 in the price of petrol for the upcoming fortnight. Earlier this week, conflicting reports surfaced regarding potential fluctuations in fuel rates. The Finance Division, through an official notification, disclosed that the adjustment in prices is in response to global market dynamics and the performance of the Pakistani Rupee against the US Dollar. These revised prices will become effective starting November 16, 2023.

Revised Petrol Prices in Pakistan

Following this announcement, the revised cost of petrol will be Rs. 281.34, down from the previous Rs. 283.38. Simultaneously, the price of diesel will stand at Rs. 296.71, a decrease from the earlier rate of Rs. 303.18. Meanwhile, the latest prices for kerosene oil and light diesel oil are yet to be disclosed.

Initial Projections

Initial forecasts hinted at a potential rise in petrol prices, with an estimated increase of Rs. 3.18 per liter. If these predictions materialized, the petrol price was anticipated to surge from the current Rs. 283.38 to a notable Rs. 286.56 per liter.

Conversely, high-speed diesel (HSD) was expected to undergo a significant reduction, with an estimated decrease of Rs. 8.30 per liter, lowering the price to Rs. 294.88 from the existing Rs. 303.18.

This contradictory trend extended to kerosene oil, projected to experience a welcome decrease to Rs. 205.42 per liter from Rs. 211.03, reflecting a reduction of Rs. 5.61 per liter. Similarly, light diesel oil (LDO) was anticipated to witness a noteworthy cut of Rs. 8.33 per liter, potentially lowering its price to Rs. 181.13 per liter from Rs. 189.46.

The driving forces behind these fluctuations in prices were attributed to current government taxes and adjustments influenced by the volatile US dollar exchange rate. Interestingly, insider sources suggest that the government may consider maintaining the current petrol price, citing outstanding forex adjustments.

We invite you to share your thoughts on the new petrol prices in Pakistan in the comments section below.

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