Petrol prices expected to drop significantly
On the global oil market, there is anticipation of a significant decrease in petroleum product prices, with a potential drop of $7 per barrel.
This reduction is reflected in the Gulf market where crude oil prices have fallen to $92 per barrel and the global market, where they stand at $84 per barrel.
In accordance with international rates, Pakistan is expected to see a substantial decline in petrol prices by approximately Rs22 per litre from October 16.
Diesel prices are also projected to decrease by more than Rs20 per litre.
Additionally, when converted from the dollar rate, the current price of a barrel of oil in Pakistan is estimated to be around Rs26,220.
This marks a significant drop from the price of Rs29,898 per barrel on September 15.
It should be noted that on September 30, the government reduced the price of petrol by Rs8, bringing the new price to Rs323.38 per liter.
High-speed diesel was also made cheaper by Rs11, with the new price set at Rs318.18.
It’s worth noting that the exchange rate of the Pakistani Rupee against the US Dollar has also witnessed a reduction of more than Rs20 recently.
Furthermore, approximately 23 days ago, there was a substantial influx of petroleum products into the market.
If the government refrains from imposing additional taxes, this reduction in petroleum prices could potentially provide significant relief to the public.