Expected Petrol price from November 1 in Pakistan

Petrol prices are expected to be down another Rs 20 per litre in Pakistan. After the decrease of petrol prices in the International market, it is expected that the prices of petrol in Pakistan will go down by another Rs 20.

Amidst the Israel-Palestine conflict, fuel prices in International markets have been unstable. Recently the petrol prices went down in the International market and the government of Pakistan slashed down the petrol prices by Rs 40 from Rs 323 to Rs 283 per litre.

Expected decrease in petrol prices starting November 1, 2023

The price of petrol in Pakistan had been a record-high in 2023. However, as International prices dropped, the government slashed petrol prices earlier this month. Now, once again the petrol price in the international market has dropped. This decrease in the International market is expected to urge the government to lower petrol prices further. 

Sources suggested that The Oil and Gas Regulatory Authority has already prepared the initial draft for further reduction in petrol price. As per the report, the draft had stated for a decrease in petrol price by another Rs 20 per litre. If this is to come into effect, the new petrol price could be Rs 263.3 per litre.

However, no finalised decision has been made yet. The final decision will be made on 31st of October by the Petroleum Division. It will then be addressed by the caretaker PM of Pakistan, Mr Anwar un Haq. The final decision will be taken on 31st of October and the new prices will be effective from 1st November, 2023.

Moreover, Pakistan and Iran are all set to increase the trade volume as Iranian officials believe Pakistan can benefit from the Oil and Gas resources of Iran in the coming future. Read more below.