In the international market, diesel and petrol prices have decreased. The price of petrol has decreased by $1.86 to $107.16 per barrel. The fall may lead to a cut of Rs3.75 per liter in the domestic market.

Likewise, the price of diesel in the international market has fallen by $4.3 to $104.76 per barrel. It may cause a reduction of diesel price by Rs7.85 per liter in the local market.

If reduced, the new prices will be announced by the government on Sunday night effective from April 1. The government will calculate the prices of petroleum products keeping in view monthly tax targets and estimated fuel consumption and supply cost of Pakistan State Oil, the state-owned oil firm.

Earlier, the price of petrol moved up by Rs4.53 per litre and reached at Rs293.94 per litre for the ongoing 15 days, as per a notification issued by the Finance Division.

The price of high speed diesel moved up by Rs8.14 per litre and reached at Rs290.38 per litre for the next 15 days, says the notification.

The government had to increase the petrol price after International Monetary Fund had asked it to impose 18 percent General Sales Tax (GST) on fuel products.

Already worried about exorbitant prices of daily use items, the people also suffered a big blow as the government increased prices of petroleum products.

Due to the tension in the Middle East and the threats of the World War III, oil prices in the international market have gone down while the government decided to increase POL products’ prices.

But this time, it is expected that the government will decrease POL products’ prices to provide relief to the people.