Govt likely to announce big relief in fuel prices amid global dip

December 09, 2023 (MLN): The government is expected to announce a significant relief for the consumers, with a likely reduction of Rs13 and Rs15 per litre in the prices of petrol and diesel in the next fortnightly pricing update.

The anticipated decline is owed to the substantial decline in the international petroleum and diesel product prices since the last fortnight.

Moreover, the local currency has remained stable, at a weighted average price of around PKR 284.33 per USD.

Price estimates till December 08 show that the international petrol and diesel prices have fallen by around 5.44% and 5.6%, to $94.95 and $100.05 per barrel, respectively.

However, it is worth noting that there is still a week left for the next pricing update, thus the future tragectory of these prices will depend largely on the global market movements and the exchange rate.

To recall, in the last fortnight, the government kept the petrol price unchanged at Rs281.34, while lowering the HSD price by Rs7 to Rs289.71 per litre.

The government will announce the new prices on midnight of December 15, 2023.

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