Additionally, a more than 20 rupee per litre drop in diesel prices is forecast.
Prices for petroleum products are expected to fall significantly, possibly by $7 per barrel, on the world market for oil.
Crude oil prices have dropped to $92 per barrel on the Gulf market and to $84 on the international market as a result of this reduction.
From October 16, Pakistan’s petrol prices are anticipated to drop significantly by about Rs22 per litre in accordance with international rates.
Additionally, a reduction of over Rs 20 per litre in diesel prices is forecast.
The price of a barrel of oil at the moment in Pakistan is also estimated to be around Rs26,220 when converted from the dollar rate.
From the price of Rs 29,898 per barrel on September 15, this is a sizable decrease.
Recall that on September 30, the government lowered the cost of gasoline by Rs8, making it now cost Rs323.38 per litre.
With a new price of Rs318.18, high-speed diesel was also reduced by Rs11 in price.
It’s important to note that the Pakistani Rupee’s value relative to the US Dollar has recently declined by more than 20 rupees.
A significant influx of petroleum products entered the market roughly 23 days ago.
This decrease in petroleum prices may potentially result in significant relief for the general public if the government refrains from enacting new taxes.