Global petrol and diesel prices plunge

Global petrol and diesel prices have recorded a notable decline.

The international price of petrol fell by $2.74 per barrel, dropping from $69.27 to $66.54 per barrel. The downward trend in global crude oil prices continues, creating a noticeable impact on Pakistan’s ex-refinery fuel rates. International market data shows that the premium on petrol has dropped by 13 cents per barrel, bringing it down from 5.14 dollars to 5.1 dollars. This reduction has directly influenced local cost calculations.

According to the latest pricing breakdown, customs duty on petrol has been reduced by 72 paisa per liter, while exchange adjustment has also fallen by 68 paisa per liter. As a result, the ex-refinery price of petrol has recorded a significant overall cut of 6.51 rupees per liter. With this adjustment, the price has declined from 145.57 rupees to 139.6 rupees per liter.

Meanwhile, the global market has also seen a notable drop in diesel prices. The per-barrel price of diesel has fallen by 2.33 dollars, sliding from 76.32 dollars to 73.99 dollars. Correspondingly, the customs duty on diesel has decreased by 80 paisa per liter, and exchange adjustment has declined by 35 paisa per liter.

These revised calculations have led to a reduction of 5.33 rupees per liter in the ex-refinery diesel price, bringing it down from 155.33 rupees to 149.99 rupees per liter. With international prices easing and local refinery rates decreasing, a further reduction in petroleum product prices at the consumer level is expected. However, the final decision rests with the relevant government authorities, who will review all pricing components before announcing the next adjustment.