ISLAMABAD: Fuel prices are expected to drop for the fourth consecutive fortnight starting September 16, driven by falling inflation and global oil prices, according to reports.
Sources indicate that petrol and high-speed diesel prices may be reduced by Rs12 per litre each, while kerosene oil could see a decrease of Rs8 per litre. However, the final decision on these reductions will depend on international market trends from September 12 to 14.
The new rates will take effect from September 16. In the previous adjustment, the government had slightly reduced petroleum prices, with petrol dropping by Rs1.86 per litre to Rs259.10, and high-speed diesel falling by Rs3.32 per litre to Rs262.75.
On the global front, Brent crude oil prices hit their lowest level since December 2021, following a downward revision of demand forecasts by OPEC+ for this year and 2025. Brent crude futures fell by $2.65, or 3.69%, to settle at $69.19 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by $2.96, or 4.31%, to $65.75 per barrel.
OPEC also revised its 2025 global demand growth estimate to 1.74 million barrels per day (bpd), down from the previous estimate of 1.78 million bpd. The price slump reflects concerns about weakening global demand and expectations of an oil oversupply.
Additionally, Asian refiners’ margins have reached their lowest seasonal levels since 2020, largely due to an increase in the supply of diesel and gasoline.
