Additionally, a reduction of more than Rs20 per litre in diesel prices is forecast.
On the international oil market, petroleum product prices are expected to drop significantly, possibly by $7 per barrel.
Both the global market, where crude oil prices are currently at $84 per barrel, and the Gulf market, where they have dropped to $92 per barrel, reflect this reduction.
Pakistan is anticipating a significant drop in petrol prices starting on October 16 of about Rs22 per litre, in line with international rates.
Additionally, a more than Rs20 per litre drop in diesel prices is predicted.
The current price of a barrel of oil in Pakistan is estimated to be around Rs26,220 when converted from the dollar rate.
Since September 15, when the price of a barrel was Rs29,898, this represents a significant decrease.
It should be noted that on September 30, the government decreased the cost of gasoline by Rs8, making the new price for a litre Rs323.38.
Also reduced by Rs11, the cost of high-speed diesel is now Rs318.18.
It’s important to note that the Pakistani Rupee’s value has recently decreased by more than 20 Rupees in relation to the US Dollar.
Additionally, a significant influx of petroleum products entered the market about 23 days ago.
The public may experience significant relief as a result of this drop in petroleum prices if the government decides not to levy additional taxes.