Petrol Prices Expected to Drop from October 16 in a recent development/anticipation after a big drop in the global oil prices.
The global oil market is bracing for a notable decline in petroleum product prices, possibly witnessing a dip of $7 per barrel.
This drop is already evident in the Gulf market, where crude oil prices have slipped to $92 per barrel, and the worldwide market, where they presently hover around $84 per barrel.
Moreover, Residents of crisis-stricken Pakistan may soon find relief, as petrol prices are expected to decrease by Rs35 per liter in the latter half of October 2023.
Sources indicate that OGRA’s proposal is targeting a reduction in petrol prices to Rs38.49 per liter and diesel to Rs21 per liter. This move has the potential to ease the financial strain on consumers.
Read More: Petrol Price Increased by Rs. 116 in 2023
In line with these international dynamics, Pakistan can experience a substantial reduction in petrol prices, to around Rs22 per liter, starting from October 16. Diesel prices are also anticipated to follow suit, potentially decreasing by over Rs20 per liter.
When converting these adjustments from the dollar rate, the current price of a barrel of oil in Pakistan is approximately Rs. 26,220. This represents a significant decrease compared to the Rs29,898 per barrel recorded on September 15.
Notably, on September 30, the Government of Pakistan took steps to reduce the price of petrol by Rs. 8, establishing the new rate at Rs323.38 per liter. High-speed diesel also became more affordable, with an Rs11 reduction, setting the new price at Rs318.18.
Read More: Petrol Price Increased by Rs.26.02
It’s important to mention that the Pakistani Rupee has recently appreciated against the US Dollar by more than Rs20. Additionally, about 23 days ago, there was a substantial influx of petroleum products into the market.
Provided the government refrains from imposing additional taxes, this decline in petroleum prices has the potential to offer significant relief to the general public. Petrol Prices Expected to Drop from October 16 is an anticipation keeping in view the dropping global oil prices. And yet the official take on this is due. So, let`s wait and see.
16th October Update: Rs. 40 Reduction in Petrol Price had been implemented and the New petrol price were then reduced to Rs283.38 per litre., which was previously Rs. 323/litre.
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