Petrol prices likely to decline as crude oil prices slide down

Islamabad: Maintaining the trend of decline in price, it is expected that the price of petroleum products will again see a major fall on November 01.

According to media reports, OGRA has outlined an initial draft to reduce the rates of petroleum products for which the final report is likely to be sent to the Petroleum Division on October 31.

The very expected relief for Pakistani consumers will come following the fall of crude oil prices. The latest media reports told that the tension in Middle East have contributed in the upsurge of oil prices.

Prices of British crude oil have dipped below $90 per barrel while the price of US crude oil have fallen below $84 per barrel. The concerns regarding supply of oil in the international market have been shrunk due to these significant falls.

Following these global trends of reducing crude oil rates, the petroleum ministry of Pakistan is gearing up to benefit its inflation-affected public.

The price of petrol is likely to decline by Rs20 per liter in Pakistan, while the price of high-speed diesel will see a cut of Rs16 per liter.

While light diesel and kerosene oil are also expected to witness less rates that will provided the economic relief to Pakistanis.

It is pertinent to note that the caretaker government of Pakistan has already made significant measures to provide financial relief to its people and reduced the petrol price by Rs40 and diesel by Rs15 per liter on October 16 for the fortnight.