In October 2024, petrol and diesel prices in Pakistan have garnered widespread interest as fluctuations in global markets impact local fuel costs. With economic pressures and inflation affecting daily budgets, staying informed on the latest fuel prices is crucial for effective planning and budgeting.
This article covers the recent fluctuations in petrol and diesel prices, including projected adjustments for November 1, 2024. With the latest changes in the international market, a slight drop in prices is expected in Pakistan, potentially offering relief to consumers.
Current Petrol and Diesel Prices in Pakistan in October 2024
Here’s a look at the current prices of petrol and diesel in Pakistan as of October 2024:
| Product | Current Price (Rs/Litre) | Expected Adjustment |
| Petrol | Rs. 247.03 | Rs. 2-3 decrease |
| High-Speed Diesel (HSD) | Rs. 251.29 | Rs. 2-3 decrease |
These prices are subject to change based on the government’s final review on October 31, 2024.
What is Affecting Petrol and Diesel Prices?
Fuel prices in Pakistan are influenced by several factors:
- Global Crude Oil Prices: The cost of crude oil on the international market plays a significant role in local pricing. In October, petrol prices decreased from $77.5 to $76 per barrel, while high-speed diesel prices fell from $86.5 to $84 per barrel.
- Import Premiums: Import premiums, which remained stable at $8.7 for petrol and $5 for diesel, affect the final cost per litre for consumers.
- Exchange Rates: The stability of the exchange rate this month has helped to prevent further increases in fuel costs.
- Taxes and Duties: Currently, the government charges approximately Rs. 76 per litre in total taxes on both petrol and diesel, which includes a Petroleum Development Levy (PDL) of Rs. 60 and customs duty of Rs. 16 per litre. Distribution costs of Rs. 17 per litre add to the final price.
Why October 2024 Fuel Prices Matter for Consumers
- Daily Transportation Costs: Petrol is a major fuel source for personal vehicles, motorbikes, and rickshaws. Any decrease in price directly benefits individual consumers, especially in middle- and lower-income brackets.
- Inflation and Food Costs: High-speed diesel (HSD) is the primary fuel for trucks, buses, and agricultural machinery. A drop in diesel prices can reduce transportation costs, which is often reflected in the prices of goods, including essentials like vegetables and other food items.
Projected Fuel Price Adjustments for November 2024
According to market analysts, petrol and diesel prices are likely to drop by Rs. 2-3 per litre from November 1, 2024. Here’s a quick look at the projected price drops:
| Product | Projected Price Drop (Rs/Litre) |
| Petrol | Rs. 2-3 |
| Diesel | Rs. 2-3 |
This adjustment will only be confirmed after the final review of international oil rates on October 31, 2024.
Final Thoughts
As we move into November, the anticipated drop in petrol and diesel prices could bring some financial relief. However, much depends on international trends and any regulatory adjustments the government might make to the Petroleum Development Levy and other taxes.
For the latest updates on petrol and diesel prices in Pakistan, check back here as we continue to monitor and report changes in the energy market.
