Tuesday, July 23, 2024

Massive Decrease in Petrol Price Expected from 16th October

In Pakistan, there’s expected to be a significant drop in the price of petrol and diesel during the second half of October. This drop is due to a decrease in global oil prices.

Pakistan has been dealing with high inflation, and petrol prices had gone above 300 rupees per liter, causing challenges for the country’s economy.

Sources say that the drop in petroleum product prices is because of a $7 decrease in the price of a barrel of crude oil in the Gulf market.

To pass on this global relief to the people, the interim government is thinking of reducing petrol prices by as much as 20 rupees per liter. Diesel prices are also expected to go down by 15 to 20 rupees per liter.

With the improvement of the local currency against the US Dollar and the drop in global prices, the government has a better chance of making these changes.

This comes after the government had already reduced petroleum prices by up to 11 rupees per liter earlier due to rising inflation. The new prices are set to take effect at midnight. For example, after an 8 rupee drop, petrol will cost 323.38 rupees per liter from October 1.

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