Govt likely to slash petrol prices by Rs38 per litre

MG News | October 06, 2023 at 12:33 PM GMT+05:00

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October 06, 2023 (MLN): Due to the declining international oil prices and the appreciation of the local currency, domestic petroleum and diesel prices are expected to be slashed by Rs38 and Rs18 per liter, respectively in the next fortnightly pricing update, effective from October 16, 2023.

The international petrol and diesel prices have recorded a fall of $12 and $9 per barrel, reaching $102 and $117 respectively.

Moreover, the Pakistani Ruppe (PKR) sustained its upward momentum, appreciating by 2.45% against the U.S. dollar.

Incorporating the effect of a decline in international prices, coupled with the strengthening of the local currency, will result in a significant reduction in local petroleum prices.

The decline in international oil prices is attributed to the rising U.S. bond yields and an uncertain demand outlook.

To note, the caretaker government on September 30, slashed the petrol and HSD prices by Rs8 and Rs11 per liter to Rs323.38 and Rs318.18 per liter, respectively.

Average prices/ exchange rate

Date	WTI	Brent	Arab Light	USDPKR
30 September	90.633	94.025	96.761	291.826
06 October	85.44	87.16	92.15	284.67
% change	-5.76%	-7.30%	-4.77%	-2.45%

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