Falling Global Oil Prices Raise Hopes for Petrol Price Cut in Pakistan

Consumers in Pakistan may soon see some relief at the pumps as global oil prices tumble. Reports indicate the caretaker government is poised to announce significant cuts to petrol and diesel prices on November 30, taking effect December 1.

This potential price slash comes on the heels of a worldwide downturn in crude oil rates. Prices for Russian crude recently dipped below $60 per barrel, with the European Union establishing this amount as a new benchmark. Meanwhile, Brent crude declined 1% to $80.58 per barrel. Despite the slight drop in Brent rates, Russian oil still remains cheaper than the EU’s new standard.

Fluctuations in the equities market slowed industrial profits in China, and discord within OPEC oversupply policies also impacted crude prices. Still, around half of analysts predict the oil market will tighten soon through additional production cuts. Since late September, Brent rates have fallen nearly 20% due to heightened supply and geopolitical tensions easing.

Petrol prices in Pakistan

Petrol currently sells for Rs281.34 per liter in Pakistan, while high-speed diesel goes for Rs296. Reports indicate the government may cut prices by up to Rs20 per liter, bringing substantial savings to Pakistani consumers struggling with high fuel costs.