Petrol prices in Pakistan may decrease, the positive thing is that Pakistani consumers will soon witness a decline in oil prices due to favorable global dynamics, International markets saw crude oil prices drop significantly with Brent at $77/barrel and West Texas Intermediate at $71/barrel.
The recent decline, influenced by Saudi Arabia’s decision to cut prices, coincided with a decline in the US dollar against the Pakistani rupee, Economic analysts predict fuel costs for consumers could fall by Rs 4-5 per liter if the US dollar and crude oil prices stabilize or continue to decline till January 15.
The final decision regarding the proposed price adjustments will be made by the Ministry of Finance, Prime Minister Anwarul Haq Kakar, and the Oil and Gas Regulatory Authority (OGRA) based on a thorough report that was provided on January 15.
While the government kept petrol and high-speed diesel prices unchanged on January 1, kerosene prices were reported to have come down by Rs 2.19, The Finance Department’s announcement confirmed the decision for the next two weeks, pending the authorities’ final decision on the ability to support consumers struggling with rising fuel prices.
