Prices for petroleum products are expected to drop significantly on the international oil market, maybe by $7 per barrel.
This decrease can be seen in both the world market, where crude oil prices are currently at $84 per barrel, and the Gulf market, where they have both dropped to $92 per barrel.
According to exchange rates outside Pakistan, from October 16 onward, the cost of gasoline is anticipated to drop significantly by about 22 rupees per litre.
The cost of diesel is also anticipated to drop by more than Rs20 a litre.
Read More: Rupee Gains Further Ground Against US Dollar
A barrel of oil is currently projected to cost roughly Rs26,220 in Pakistan when converted from the dollar rate.
From the price of Rs29,898 a barrel on September 15, this is a huge decrease.
It should be mentioned that the government decreased the cost of gasoline on September 30 by Rs8, making the new price for a liter of gasoline Rs323.38.
The price of high-speed diesel was also reduced by Rs11, to a new price of Rs318.18.
It’s important to note that the Pakistani Rupee’s value versus the US Dollar has recently decreased by more than Rs20.
Additionally, a significant influx of petroleum items entered the market about 23 days ago.
The public may see significant relief as a result of this drop in petroleum prices if the government decides not to levy extra levies.
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