In a significant development, it is anticipated that the prices of key petroleum products, such as petrol and high-speed diesel (HSD), will experience a downward trend over the next two weeks in October. This move comes as part of the government’s commitment to providing relief to consumers in response to existing tax rates and the decline in global oil prices.
According to the latest calculations, the ex-depot price of petrol is expected to decrease by approximately Rs22 per litre, settling at around Rs300. Similarly, HSD is likely to see a comparable reduction, bringing its price to approximately Rs299 or Rs300 per litre. Furthermore, this reduction in prices is expected to extend to other petroleum oil products (POLs), including kerosene and light diesel oil (LDO).
The decline in international crude oil prices has played a pivotal role in this development, with a recent drop of approximately $7. In the Gulf Cooperation Council (GCC) region, oil prices have plummeted to $92 per barrel, while they have fallen to $84 per barrel in other global markets.
Moreover, the exchange rate between the US dollar (USD) and the Pakistani Rupee (PKR) has witnessed a notable shift, with the USD weakening by approximately Rs25. This adjustment has been enforced by the government’s efforts to crack down on hoarders and smugglers, contributing to a more stable economic environment.
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