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Petroleum Prices Set to Decrease in November
A reduction in petroleum prices is on the horizon, with petrol possibly decreasing by Rs 3.29 and diesel by Rs 3.13 per liter starting next month.
ND
by News Desk
2024-10-29
Petroleum Prices Set to Decrease in November

Official sources indicate a potential reduction in the prices of petroleum products in Pakistan starting next month. The anticipated changes could see the price of petrol decrease by Rs 3.29 per liter and diesel by Rs 3.13 per liter, applicable for the next 15 days.

 

This expected reduction follows a recent adjustment made on October 16, 2024, when the government lowered the prices by Rs 4.07 per liter for petrol and Rs 3.04 per liter for diesel. These price changes come amidst ongoing discussions about the sustainability of pricing formulas and the financial health of oil marketing companies.

 

According to a letter sent to the chairman of the Oil and Gas Regulatory Authority (OGRA), oil marketing companies have reported significant financial losses, prompting concerns over the current pricing structure. The Oil Companies Advisory Council (OCAC) has noted that the government has deviated from the established pricing formula, leading to sustained lower prices since mid-October.

 

In an effort to alleviate the financial burden on consumers and the oil marketing sector, the government has made adjustments to customs duties as well. Notably, the custom duty on diesel has been dramatically reduced from Rs 1516 to Rs 13.26 per liter, reflecting a significant shift in fiscal policy aimed at stabilizing fuel prices.

 

As the government evaluates the economic landscape, these potential price reductions may provide much-needed relief to consumers grappling with rising living costs. The upcoming changes will be closely monitored by both consumers and industry stakeholders as they anticipate the government's decision regarding the final pricing adjustments.
Tagged:

PakistanEconomy

PetroleumPrices

OilPrices

FuelUpdate

ConsumerRelief
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