If you are looking the news about petrol prices and how they might change because of what’s happening in other countries like Russia and Venezuela.
First, find about Russia. A man named Charles Kennedy wrote an article on a website called Oilprice.com. He said that the president of Russia, Vladimir Putin, is likely to win the elections again in March 2024. Elections are when people choose their leader. If Putin wins, it won’t surprise the people who sell and buy oil. But if he loses, it will make these people worried because they won’t know what will happen next.
In Russia, there’s a war going on in a place called Ukraine. Many countries in the West don’t agree with this war, so they have set rules and limits on how much Russia can sell its oil. If Putin stays as president, things will probably stay the same with the war and these limits.
Now, about Venezuela, another country that’s important for oil. Kennedy said that the president of Venezuela, Nicolas Maduro, agreed with the United States. They agreed that if Venezuela has fair elections where everyone can participate, the U.S. will relax some rules on Venezuelan oil for a while.
In Pakistan, there’s good news for people who buy petrol. The temporary government announced that they are reducing the price of petrol by Rs14 and the price of diesel by Rs13.50 per liter for the next two weeks. This means petrol and diesel will be cheaper.
The Ministry of Finance, which handles money matters in Pakistan, said they could lower these prices because of two reasons. First, the price of oil in the whole world is going down. Second, the value of Pakistani money compared to other countries’ money has gotten a bit better.
Before this, on December 1st, the government kept the petrol price the same but made diesel and kerosene oil a bit cheaper. They also reduced the price of another kind of oil called LDO by Rs 4.52 per litre for the first half of December 2023.
So, if you’re in Pakistan and need to buy petrol or diesel, it’s a bit of good news for now, as the prices are going down a little.