LAHORE – The price of petrol and other diesel is expected to be revised in line with changes in global oil prices and fluctuations of the local currency against the US dollar.
Unverified reports suggest a possibility of a reduction in petrol and other petroleum products in South Asian nation, as inflation-weary Pakistanis are paying record high prices for fuel, a basic commodity.
This expected decrease in petrol price has been linked with a substantial drop in fuel prices in global market.
Kakar-led interim government will review petrol prices for the second fortnight of November on Wednesday, November 15, 2023, next week, and a final decision will be made.
Globally, petrol prices take a dip around 3 percent to the lowest in the last 3 months due to low demand.
Brent crude moved down by $2.07 and settled at $79.54 each barrel, while US crude oil also plunged, and hovered at $75.33.
The slow sales depict low consumer demand and the viewpoint of recession in the coming months.
Two weeks back, the caretaker government refused to lower petrol prices in contrast to reports suggesting a drop in fuel prices.
