LAHORE – The caretaker government will review petrol prices for the second fortnight of November 2023 next week, with reports hinting at the expected drop in prices for the next two weeks.
In the international oil market, the prices moved down around 3 percent to the lowest in the last 100 days in wake of concerns over waning demand.
Latest data shows Brent crude fell $2.07 to settle at $79.54 each barrel. US crude oil dropped by over $2, and hovered at $75.33. The top benchmarks hit their lowest since July.
The dwindling retail sales show low consumer demand and the prospect of recession.
Amid the drop in prices and appreciation of local currency, the Pakistani caretaker government will make the change in petrol and diesel prices.
Unverified reports claimed that petrol prices in Pakistan will drop by up to Rs10 per litre and price of other petroleum products will also be revised.
As of early November, the petrol price is available at Rs283.38 per liter, whereas diesel costs Rs 304.05 per liter.
In the last fortnight review, the changes made by the government were in contrast to reports.
Amid the speculations, the interim government maintained unchanged petrol prices for the first half of November 2023.
Pakistan to cut petrol prices by up to Rs20per litre from November 1
