Petrol and Diesel Prices Drop Sharply in Global Market, In a surprising turn of events, global petrol and diesel prices have witnessed a notable decline, sparking expectations of a fuel price reduction in Pakistan soon.
Global Petrol Prices Fall by $2.80 Per Barrel
According to international market reports, the price of petrol per barrel has fallen by $2.80, decreasing from $76.51 to $73.71.
Experts say this is one of the steepest drops in recent weeks, reflecting a cooling trend in global oil demand.
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Detailed Breakdown of Price Reductions
Petrol Price Components
- Premium per barrel: Down by 35 cents
- Price per liter: Decreased by 2 cents
- Exchange adjustment: Dropped by 65 paisas
- Custom duty per liter: Reduced by 32 paisas
- Marine duty: Down by 51 paisas
As a result, the ex-refinery price of petrol declined by Rs. 6.19 per liter, signaling potential local relief if the government passes on the benefit to consumers.
High-Speed Diesel (HSD) Prices Also Decline
In addition to petrol, the price of high-speed diesel (HSD) has also recorded a 74-cent decrease per barrel, leading to a 37 paisa reduction at the refinery level.
This may help stabilize transport and agricultural costs if local adjustments follow suit.
Pakistan Expected to Announce New Fuel Prices on October 15
Sources within the petroleum sector revealed that the Government of Pakistan will announce the new petrol and diesel prices on October 15.
The final decision will depend on the latest global price trends and the value of the Pakistani rupee against the US dollar.
If the downward momentum in global markets continues, consumers in Pakistan could see a significant drop in fuel prices in mid-October.
Final Outlook
The recent drop in international oil prices offers a positive outlook for Pakistan’s economy, with potential relief in inflation and transportation costs. All eyes are now on the government’s upcoming price announcement.