Huge reduction in the petroleum prices in Pakistan on the cards
In Pakistan, there is a possibility of a significant reduction in petroleum product prices once again from November 1st. According to media reports, the price of crude oil in the global market has decreased by $5 per barrel, which could lead to a reduction of 20 Pakistani Rupees per liter in the prices of petroleum products.
The media report suggests that in Pakistan, petrol could become 20 Rupees cheaper, and high-speed diesel could become 16 Rupees cheaper.
It's worth noting that on October 16th, the price of petrol was reduced by 40 Rupees, and diesel was reduced by 15 Rupees per liter. On a weekly basis, the inflation rate has decreased by 0.33 percent, and the annual inflation rate based on the Consumer Price Index has been recorded at 29.65 percent.
On Friday, the Bureau of Statistics released weekly inflation figures, indicating that in the past week, the prices of 14 essential items increased, 17 items decreased in price, and 20 items remained stable. Tomatoes became more expensive by 23 Rupees per kilogram last week.
According to the Bureau of Statistics, the price of potatoes per kilogram increased by 3 Rupees. The report indicates that last week, eggs became 5 Rupees more expensive per dozen, 800 grams of salt increased by 1 Rupee, garlic became 4 Rupees more expensive per kilogram, and there was an average decrease of 8 Rupees per kilogram in the prices of lentils (masoor and chana).
According to the statistics, chicken was priced at 36 Rupees, LPG cylinder at 50 Rupees, sugar at 3 Rupees per kilogram, and 20-kilogram bag of flour decreased by 45 Rupees in the last month. The prices of rice, onions, sugar, jaggery, and bananas also decreased, which led to lower rents and prices of commodities.