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Petrol and diesel prices in the coming weeks are expected to be decline in substantial manner starting December 1. This positive shift is attributed to a notable downturn in the international market, particularly in Russian crude oil. Global oil prices have experienced a significant decrease, falling below $60 per barrel.
The caretaker government of Pakistan had previously taken a step towards consumer relief on November 15 by reducing petrol prices by Rs2.04 per litre, diesel by Rs6.05 per liter for kerosene oil and Rs9.01 per liter for high-speed diesel (HSD).
Decline a consistent drop in Brent and effect on Petrol and diesel prices
Recent reports highlight a continuous decline in Brent, with the European Union setting a new standard for Russian crude oil at $60 per barrel. Simultaneously, British Brent has seen a one percent decrease, currently trading at $80.58 per barrel. Despite this, the market value of Russian crude remains lower than the newly established benchmark.
The dynamics of crude oil prices are intricately connected to various global factors, including fluctuations in equities influenced by China’s slowing industrial profits, which pose potential risks to the world’s largest crude importer. Additionally, challenges within the Organization of Petroleum Exporting Countries (OPEC) in reaching a consensus on supply policy have led to a delay in their crucial meeting until November 30.
Role of OPEC’s in petrol and diesel prices
Analysts foresee further reductions in the face of ongoing challenges within OPEC and an increase in crude supply from non-OPEC+ nations. Brent has experienced nearly a 20% drop from its late September peak, influenced by heightened supply and the diminishing risk premium related to the Israel-Hamas conflict, contributing to increased market volatility.
Petrol and diesel prices in Pakistan
The implications of the international market’s downward trend are anxiously anticipated in local markets, particularly in Pakistan. The federal government is gearing up to announce revisions in petroleum prices on the night of November 30, with the new rates set to take effect from December 1, 2023. Petrol and diesel prices in Pakistan plays a crucial role in setting the economic targets.
As of now, current petrol prices in Pakistan stand at Rs281.34 per litre, while high-speed diesel (HSD) is priced at Rs296 per litre. Reports suggest that the government is contemplating a substantial reduction, possibly up to Rs20 per litre, providing significant relief to consumers grappling with high fuel prices. The anticipation of these changes adds a layer of optimism for consumers in Pakistan, who are eagerly awaiting the official announcement from the government.
ہمارے جیسے ملک ائ ایم ایف سے بندھے ہوئے یہ کم یا سٹاپ کریں گے اور چیزوں پر ٹیکس لگا دیں قوم خوش کہ پیڑرول کم ہو گیا