Petroleum prices likely to fall in Pakistan from Oct 16

Islamabad: After the decrease in the prices of petroleum products at the global level, there is a possibility of declining prices of petrol and diesel in Pakistan from October 16.

It is pertinent to note that earlier on September 30, the caretaker government reduced the price of petrol by Rs8, after which the new price is at the level of Rs323.38 per liter, while high speed diesel was also reduced by Rs11 and the new price was fixed at Rs318.18 per liter.

Globally, the prices of petroleum products have come down by $7 per barrel, after which petroleum products are likely to become cheaper in Pakistan also.

Earlier on Thursday, the price of crude oil in the Gulf market has reached 92 dollars while in the global market it has reached 84 dollars and according to this rate, the price of petrol in Pakistan will decrease by 22 rupees, while the current price of diesel will also decrease by more than 20 rupees.

According to the dollar rate, the price of oil per barrel in Pakistan is Rs26,220, while on September 15 it was Rs29,898.

The data released by State Bank of Pakistan (SBP) stated that the price of dollar in Pakistan has decreased by more than 20 rupees. On the other hand, the stock of petroleum products imported 23 days ago has also gone out.

If the government does not impose taxes, people can get a big relief in the prices of petroleum products this month.