Due to lower global prices for oil, there’s a chance that diesel and petrol price might go down in Pakistan starting on October 16th.

Just a reminder, on September 30th, the temporary government lowered the petrol price by Rs. 8, making it Rs. 323.38, and also lowered high-speed diesel by Rs. 11 to Rs. 318.18.

Global petrol price

Now, the global petrol price have dropped by $7 per barrel. This means that petrol and diesel in Pakistan might become cheaper.

As of Thursday, crude oil costs $92 in the Gulf market and $84 in the global market. If these prices stay the same, petrol in Pakistan could go down by Rs. 22, and diesel could drop by over Rs. 20.

According to the exchange rate, the cost of oil per barrel in Pakistan is now Rs. 26,220, while it was Rs. 29,898 on September 15th.

The State Bank‘s data shows that the value of the dollar in Pakistan has gone down by more than Rs. 20, and the stock of imported oil from 23 days ago has been used up.

If the government doesn’t add extra taxes, people might see significant price reductions in petrol and diesel this month.

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