The government of Pakistan has announced a drop of Rs. 2.04 in petrol price in Pakistan for the next fortnight. There were mixed reports about decreasing and increasing of the rates earlier this week. According to a notification by the Finance Division, the revised prices are announced amid global prices and PKR’s performance against the USD. The new prices will be effective from November 16, 2023.

New Petrol Price in Pakistan 

After the announcement, the petrol will now cost Rs. 281.34 instead of Rs. 283.38, meanwhile, the diesel’s price stands at Rs. 296.71 compared to previous rate of Rs. 303.18. Meanwhile, the latest price of kerosene oil is Rs. 204.98 while light diesel oil will now cost Rs. 180.45

Earlier Expectations 

Earlier, we reported that forecasts are painting a picture of rising petrol prices, with an estimated increase of Rs3.18 per litre. If these predictions hold true, the price of petrol was poised to climb from the current Rs283.38 to a staggering Rs286.56 per litre.

On the flip side, high-speed diesel (HSD) expected to be on the receiving end of a substantial cut, with an anticipated decrease of Rs8.30 per litre, bringing the price down to Rs294.88 from the existing Rs303.18.

This mixed trend extended to kerosene oil, projected to experience a welcome reduction to Rs205.42 per litre from Rs211.03, reflecting a decrease of Rs5.61 per litre. Similarly, light diesel oil (LDO) was expected to witness a notable cut of Rs8.33 per litre, potentially lowering its price to Rs181.13 per litre from Rs189.46.

The driving forces behind these price fluctuations were the current government taxes and adjustments based on the ever-volatile US dollar exchange rate. Interestingly, insider sources suggest the government may opt to maintain the current petrol price due to outstanding forex adjustments.

What is your take on new petrol price in Pakistan? Please tell us in the comments section.