As of October 8, 2023, Pakistan’s petrol market reflects the global trend of declining oil prices. The international oil market anticipates a significant drop of potentially $7 per barrel, which is already evident in the Gulf market where crude oil prices have dipped to $92 per barrel, and globally at $84 per barrel. In line with these international rates, Pakistan is expected to witness a substantial decrease in petrol prices of approximately Rs22 per litre starting from October 16. Diesel prices are also likely to follow suit, decreasing by over Rs20 per litre. After conversion from the dollar rate, the present price of a barrel of oil in Pakistan stands at approximately Rs26,220, indicating a noticeable decline from Rs29,898 per barrel on September 15.
The government has recently taken steps to pass on this benefit to the public, resulting in a reduction of petrol prices by Rs8 to a new price of Rs323.38 per litre as of September 30. High-speed diesel has also become more affordable, with its price dropping by Rs11 to Rs318.18. The exchange rate of the Pakistani Rupee against the US Dollar has fallen by over Rs20 recently, contributing to these changes. With an increased supply of petroleum products entering the market around 23 days ago, and if the government refrains from imposing new taxes, this reduction in petroleum prices has the potential to provide substantial relief to the public.
Latest Petrol Price in Pakistan Today 8 October 2023
| Product | Old Price | New Price | Change Price |
|---|---|---|---|
| Petrol | 331.38 | 323.38 | -8.00 |
| High Speed Diesel (HSD) | 329.18 | 318.18 | -11.00 |
Following the recent adjustments in fuel prices, as of today, October 8, 2023, the latest petrol price in Pakistan is now PKR 323.38, a decrease of PKR 8.00 from the previous price. Concurrently, the price of High Speed Diesel (HSD) has also been revised down to PKR 318.18, marking a reduction of PKR 11.00. This significant change in fuel prices is expected to have considerable effects on the economy and the cost of living.
The petrol prices in Pakistan are determined by the Oil and Gas Regulatory Authority (OGRA) and are revised on a monthly basis. The latest revision took place on October 1, 2023, with a decrease in prices for both petrol and high speed diesel.
Petrol Price Decrease
According to the latest announcement by OGRA, the price of petrol has been decreased by Rs. 8 per liter. This brings the new price of petrol down to Rs. 323.38 from its previous rate of Rs. 331.38 per liter.
High Speed Diesel (HSD) Price Decrease
Along with petrol, the price of high speed diesel has also been decreased by Rs. 11 per liter. The new Of diesel price of HSD is now Rs. 318.18, down from its previous rate of Rs. 329.18 per liter.
Factors Contributing to Price Decrease
The decrease in petrol and high speed diesel prices can be attributed to the global decrease in crude oil prices. In addition, the Pakistani rupee has also strengthened against the US dollar, leading to a decrease in import costs.
Impact on Consumers
The decrease in petrol and HSD prices is a welcome relief for consumers who have been facing high fuel prices for several months. This reduction will not only benefit individual car owners but also have a positive impact on transportation costs for businesses.
OGRA’s Role in Regulating Prices
OGRA plays a crucial role in ensuring fair and consistent pricing of petroleum products in Pakistan. The organization regularly monitors global oil prices and currency exchange rates to determine domestic fuel prices.
Future Expectations
The decrease in petrol and high speed diesel prices is expected to provide some relief to consumers, but the fluctuating nature of global oil prices makes it difficult to predict future fuel prices. The next revision in petrol prices is expected on November 1, 2023, and OGRA will continue to monitor market conditions to determine the appropriate prices for consumers. Overall, the decrease in petrol and HSD prices on October 8, 2023 is a positive development for consumers and businesses alike. However, it is important to note that fuel prices are subject to change and may fluctuate in the future. So, while we can celebrate this temporary relief, it is crucial for us to continue practicing efficient usage of fuel and exploring alternative energy sources.
This will not only help us save money but also contribute towards a cleaner and more sustainable environment. OGRA will continue to play its role in ensuring fair pricing for petroleum products, and as responsible citizens, it is our duty to play our part in conserving resources for the present and future generations. Let us continue to monitor fuel prices and make informed decisions about our consumption habits. Thank you for reading this update on the latest petrol price in Pakistan. Stay tuned for more updates from OGRA.
This content is for informational purposes only. Fuel prices may vary due to market conditions.
Conclusion
In conclusion, the latest petrol price in Pakistan today 8 October 2023, has decreased by Rs. 8 per liter, while the HSD price has decreased by Rs. 11 per liter. Various factors such as international oil prices, exchange rates, and taxes influence petrol prices in Pakistan. The change in petrol prices can have a significant impact on citizens’ daily expenses and the overall economy of the country. It is crucial to stay informed about the latest petrol prices and plan accordingly. So, let’s keep an eye on the changing fuel prices in Pakistan. Let’s hope for more stability and affordable rates in the future.
