According to international standards, Pakistan is expected to experience a substantial decline in petrol prices, estimated to be around Rs22 per litre, starting from October 16. Diesel prices are also projected to decrease by more than Rs20 per litre.
When converted from the dollar rate, the current price of a barrel of oil in Pakistan is estimated to be approximately Rs26,220. This marks a significant decrease from the previous price of Rs29,898 per barrel recorded on September 15.
It’s important to note that on September 30, the government took steps to reduce petrol prices by Rs8, resulting in the new price being set at Rs323.38 per liter. High-speed diesel also became more affordable by Rs11, with the new price set at Rs318.18.
Additionally, the Pakistani Rupee has witnessed a reduction of more than Rs20 in its exchange rate against the US Dollar recently.
Furthermore, approximately 23 days ago, there was a substantial increase in the availability of petroleum products in the market. If the government refrains from imposing additional taxes, this reduction in petroleum prices has the potential to provide significant relief to the general public.
