Pakistan will reduce petrol prices by Rs:20 per litre starting December 1.

The temporary government plans to reduce the prices of petrol and diesel by as much as Rs20 per liter for the first half of December 2023. This decision is to share the benefits of falling international oil prices with the public, especially in countries facing high inflation and limited income growth. Worldwide, oil prices have been falling, dropping below $75 per barrel in mid-November 2023, mainly due to worries about slow global economic growth, particularly in China. By the end of November 2023, WTI crude oil was priced at $76.5 per barrel, about 7% lower than on October 29. Similarly, Brent crude saw a 5.4% decrease over the last month, costing $86.35 per barrel as of November 29. The Pakistan government will make a final decision on this price reduction on November 30. The expected new price could be around Rs260 per liter, a step aimed at helping to reduce inflation.