Aaj English TV

Thursday, February 22, 2024  
11 Shaban 1445  

Petrol price likely to drop

Decline in global oil prices and fall of US dollar against rupee to affect petroleum prices
Reuters/File
Reuters/File

A noticeable decline in global petroleum prices and a consistent increase in the value of the Pakistani rupee could contribute to the decline in petroleum product prices in this week.

On the global stage, the price of petrol has fallen by $12 per barrel, resulting in a current price of $102 per barrel, while diesel prices have dipped by $9 to settle at $117 per barrel.

Following the drop in international petroleum prices, local consumers can anticipate a substantial reduction of Rs38 per litre in petrol prices and Rs18 per litre in diesel prices.

If it goes through, this will be the second time in a row that the caretaker government is reducing petroleum prices after three fortnightly incre­ases.

The government reduced petrol prices by Rs8 on September 30, bringing the new price to Rs323.38 per litre. High-speed diesel also saw a reduction of Rs11, resulting in a price of Rs318.18 per litre.

Meanwhile, sources have told Aaj News that oil marketing companies and dealers have sought an 88 paise increase in their interest rates on petroleum products.

The OMCs have suggested 47 paise and the dealers have put forward an increase of 41 paise on per litre rate of petroleum products. Sources added that their margin was also raised on September 16 and October 1.

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