In the global oil market, there is anticipation of a notable drop in petroleum product prices, with a possible decrease of $7 per barrel.
This decline is evident in the Gulf market, where crude oil prices have fallen to $92 per barrel, and on the worldwide market, where they are currently at $84 per barrel.
Following international trends, Pakistan is expected to experience a substantial reduction in petrol prices, estimated to be around Rs22 per liter starting from October 16. Diesel prices are also projected to decrease by more than Rs20 per liter.
Moreover, when converted from the dollar rate, the current price of a barrel of oil in Pakistan is roughly estimated to be around Rs26,220. This marks a significant decrease from the price of Rs29,898 per barrel recorded on September 15.
It's important to note that on September 30, the government lowered the price of petrol by Rs8, bringing the new price to Rs323.38 per liter. High-speed diesel also saw a reduction of Rs11, with the new price set at Rs318.18.
Additionally, the exchange rate of the Pakistani Rupee against the US Dollar has recently witnessed a decrease of more than Rs20.
Furthermore, approximately 23 days ago, there was a significant increase in the availability of petroleum products in the market.
If the government refrains from imposing additional taxes, this reduction in petroleum prices could potentially offer significant relief to the public.
