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.
