Consumers in Pakistan can expect a considerable drop in petrol and diesel prices in the first half of December 2023, thanks to a significant decline in global oil prices.
The caretaker government had already reduced prices in mid-November, and the recent downturn in international oil markets, especially in Russian crude, has further contributed to this trend. Russian crude’s per barrel price has fallen below $60, prompting the European Union to set a new standard at that level. Despite a slight decrease in Brent, Russian crude remains even lower than this benchmark.
The decline in oil prices is linked to various factors, including fluctuations in equities influenced by China’s slowing industrial profits and challenges within the Organization of Petroleum Exporting Countries (OPEC) in reaching a consensus on supply policy. The OPEC meeting, originally scheduled for November 30, faced delays.
Analysts anticipate further reductions in oil prices despite challenges within OPEC and increased crude supply from non-OPEC+ nations. Brent has experienced a nearly 20% drop from its late September peak due to heightened supply and reduced risk related to the Israel-Hamas conflict, contributing to market volatility.
The impact of the international oil market’s downward trend is eagerly awaited in Pakistan, where the federal government is set to announce revised petroleum prices on the night of November 30, effective from December 1, 2023. The current petrol price in Pakistan is Rs281.34 per litre, and high-speed diesel (HSD) is priced at Rs296 per litre.
Reports suggest that the government is considering a substantial reduction, possibly up to Rs20 per litre, providing significant relief to consumers facing high fuel prices.
Swedish Prime Minister Condemns Far-Right Leader’s Call To Demolish Mosques
Meanwhile, Swedish Prime Minister Ulf Kristersson has criticized the leader of the far-right Sweden Democrats (SD) party, Jimmie Akesson, who supports Kristersson’s government. Akesson, in a speech at the SD’s annual conference, called for the seizure and demolition of mosques spreading what he termed as “anti-democratic, anti-Swedish, homophobic, anti-Semitic propaganda or general disinformation.”
