Petrol Prices in Pakistan to Drop from December 1, Here’s Expected Price

ISLAMABAD, Pakistan – Pakistani consumers are in for a welcome relief as petrol and diesel prices are expected to drop substantially for the first fortnight of December 2023. This follows a downward trend in oil prices in the international market, which has seen the per barrel price of Russian crude oil fall below $60.

The European Union has set a new price cap of $60 per barrel for Russian oil, and the commodity is currently trading even lower in the market. Additionally, the British Brent crude oil benchmark has witnessed a one percent decline, currently trading at $80.58 per barrel.

Given these developments, experts and the Pakistani people are hopeful for a significant reduction in local fuel prices. The federal government of Pakistan is scheduled to announce revised petroleum prices on November 30, with the new rates taking effect from December 1, 2023. The government has also mulled at changing petrol prices weekly in Pakistan.

Current Petrol, Diesel Prices in Pakistan

At present, the price of petrol in Pakistan stands at Rs281.34 per liter, while high-speed diesel (HSD) is priced at Rs296 per liter.

Expected Petroleum Prices

Reports suggest that the government is considering a substantial reduction in petrol and diesel prices, potentially up to Rs20 per liter. This would provide much-needed relief to Pakistani consumers who have been grappling with high fuel costs for an extended period.