The global oil market is getting ready for a big drop in petroleum prices. It’s expected that the cost of petroleum products might go down by around $7 for each barrel.
Following the international rates, people in Pakistan can look forward to a substantial drop in gasoline prices, starting from October 16. Gasoline prices might go down by about Rs22 per liter. Diesel prices are also expected to decrease by more than Rs20 per liter.
When we convert the current price of a barrel of oil from dollars to Pakistani Rupees, it’s estimated to be roughly around Rs26,220. This is quite a drop from the price of Rs29,898 per barrel on September 15.
It’s important to mention that on September 30, the government lowered the price of gasoline by Rs8, making the new price Rs323.38 per liter. High-speed diesel also got cheaper by Rs11, with the new price set at Rs318.18.
This has also been because of the exchange rate of the Pakistani Rupee against the US Dollar has also gone down by more than Rs20 recently.