Possibility of reduction in petroleum product prices by up to 20 rupees
Islamabad: (Suno News) There is a possibility of a reduction in the prices of petroleum products by up to 20 rupees per liter in the country starting from October 16.
According to petroleum market sources, due to an increase in the value of the rupee and a decrease in global crude oil prices, the public may receive relief. In the global market, the price of Brent oil has dropped from $97 to $85 per barrel.
Sources indicate that in the last 13 days, there has been an increase in the value of the rupee against the dollar by more than 13 rupees. A reduction of up to 20 rupees in the price of petrol is expected, and a decrease of 18 rupees per liter is anticipated for high-speed diesel.
To benefit from the reduction in oil prices, the Ministry of Finance may increase the tax on diesel by up to 10 rupees. The tax on petrol is 60 rupees, while it’s 50 rupees per liter for diesel and high octane.
The determination of a reduction in the prices of petroleum products will be based on the reserves of oil marketing companies. If PSO has purchased oil at higher prices, consumers may receive less relief. A summary will be sent to the Ministry of Finance by Ogra on October 14.
A slight decrease in the value of the dollar at Interbank
It’s worth remembering that after the dollar became cheaper by 93 paise in the interbank market yesterday, it closed at 278 rupees and 58 paise, while in the open market, after a one-rupee decrease in the dollar’s price, it was sold at 278 rupees.
Due to the government agencies cracking down on illegal dollar smuggling, a daily reduction in the dollar’s price is being witnessed. The dollar has now reached 278 rupees, which was once seen at over 300 in the currency market against the Pakistani rupee.