Expected Reduction in Petrol Prices in Pakistan for November 2023

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As November approaches, there’s good news for motorists in Pakistan as the federal government is expected to lower petrol prices in alignment with the decreasing trend in international oil markets and the strengthening of the local currency.

Reports indicate that the Oil and Gas Regulatory Authority (OGRA) has already initiated the process of drafting a proposal for a reduction in the prices of petroleum products.

The final decision on the price adjustments will rest with the Petroleum Division, with a decision expected to be reached by October 31, following consultations with the caretaker Prime Minister, Anwaarul Haq Kakar. The anticipated revised prices are scheduled to come into effect starting November 1.

At present, the federal government levies a tax of Rs60 per litre on petrol and Rs55 per litre on diesel. However, in response to the evolving dynamics of the global oil market and favorable currency exchange rates, a reduction in these prices is on the horizon.petrol-prices-in-pakistan

International oil markets have been experiencing a consistent decrease in oil prices, with British crude oil prices dropping below the $90 per barrel mark, and American crude oil prices falling to under $84 per barrel. This global trend is contributing to the optimism of petrol consumers in Pakistan, who are eagerly anticipating a relief at the pump.

For reference, the current prices of petrol and diesel in Pakistan stand at Rs283.38 and Rs304.05, respectively. These prices have a direct impact on the cost of living and transportation for the citizens of Pakistan, making any reduction a welcome development for the general public.

As we await the official announcement from the Petroleum Division and the federal government, there is a sense of optimism in the air, with hopes that this upcoming reduction in petrol prices will offer some respite to the people of Pakistan, particularly as they gear up for the month of November. Stay tuned for the official confirmation and the subsequent effects on fuel prices at the start of next month.

Ammara Ahmed

Ammara Ahmed

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