Last Week’s Fuel Price Recap: Petrol Down Rs. 31.91, Diesel Down Rs. 24.96
The price of petrol and diesel in Pakistan fell drastically last week. Petrol fell Rs. 31.91 per litre between 2 and 8 November. High-speed diesel (HSD) dropped Rs. 24.96. The latest rates took effect on 7 November.
What Were Petrol and Diesel Prices From 2 to 8 November?
| Fuel | Price on 2 Nov | Price on 8 Nov | Weekly change |
| Petrol | Rs. 377.91 per litre | Rs. 346.00 per litre | Down Rs. 31.91 |
| HSD | Rs. 402.96 per litre | Rs. 378.00 per litre | Down Rs. 24.96 |
Why Did Fuel Prices Fall Last Week?
Crude oil prices fell significantly at international level. After 4 November’s US midterm elections, Brent crude dropped below $100 per barrel. The markets anticipate a reduced chance of escalation with Iran and the U.S. Gulf oil exports also turned moderate to 17.1 million bpd in October, relieving supply concerns, Reuters reported. Brent was trading around $97.84 on Friday, heading for a 17% weekly drop, the largest since 2020.
How is the fall in prices in Pakistan?
Pakistan employs monthly average prices of international markets for 7 days. The average gradually leaves on higher, more expensive days than the older, higher ones. This explains why the prices dropped over multiple revisions last week, rather than just a single one. The rates are unchanged through 10 November including overnight periods.
How Much Does the Drop Save Drivers?
A 40-litre fuel tank is priced at around Rs. 1,276 less than on 2 November. The approximate cost of a 40 litre diesel tank is Rs. 998 less. Any owner of a motorcycle or small car who is eligible for the Rs. 100 per litre fuel relief save even more, and the scheme runs until the end of December.
Will Fuel Prices Keep Falling?
Oil markets remain under pressure due to the attacks on ships in the Gulf and the Strait of Hormuz, with another escalation likely to push prices up again. Please read the latest OGRA notification before embarking on lengthy trips.
Conclusion
There was a significant drop in fuel prices last week. Petrol dropped Rs. 31.91 to Rs. 346 per litre, and diesel dropped Rs. 24.96 to Rs. 378. The reductions were triggered by falling oil prices and processed through the rolling average in Pakistan. Rates may still fluctuate, so please see official rates.
