Petrol price in Pakistan may decrease from December 1

Petrol and diesel prices in Pakistan are likely to drop from December 1, offering some welcome relief to drivers and businesses. The expected cut comes amid falling global crude oil rates and lower refined product prices.

Analysts at Arif Habib Limited (AHL) on Friday projected that petrol could fall by Rs4.15 per litre, while high-speed diesel may drop by Rs6.50 per litre. If confirmed, this would bring petrol prices to around Rs261.30 per litre and diesel to roughly Rs271.94, down from Rs265.45 and Rs278.44, respectively, in the previous fortnight.

The estimates reflect trends in international markets from November 17 to 27. During this period, Brent crude averaged $63.43 per barrel, down 2.5 percent from the prior review cycle, while WTI crude slipped 1.4 percent to $59.04 per barrel. Arab Light crude also fell 2.2 percent to $65.61 per barrel. Refined fuels followed suit, with petrol losing 2.7 percent and diesel 3.8 percent.

AHL said the decline is linked to weaker global oil markets and shrinking product spreads for diesel and petrol, which fell by 8 percent and 6 percent respectively.

The Oil and Gas Regulatory Authority (Ogra) will submit its pricing summary to the Ministry of Finance by November 30. While the official announcement is still pending, the market widely expects the government to approve the proposed reduction.