Petrol-diesel prices likely to drop by Rs12, sources

Petrol-diesel prices are likely to drop by Rs12, sources associated with the Finance Ministry claim on Saturday.

Sources claim that there is a possibility of a decrease in the prices of petroleum products because of the increase in the value of the rupee.

According to the sources, for the next fortnight from October 1, the price of a litre of petrol might fall by Rs11.98 while the rate of high-speed diesel could reduce by Rs9.17 per litre.

Furthermore, the price of kerosene might come down by Rs5.58 per litre.

However, the benefits from the decrease in POL prices are directly associated with the trend of increasing oil prices in the world market and the rupee is able to maintain its gains.

PKR has shown a remarkable recovery in the past 12 consecutive working days, surging nearly 5% to reach a five-week high at Rs292.78 against the US dollar in the interbank market.

If the global oil prices fell, the people in Pakistan would be able to receive maximum relief.

The government will announce the new prices of petroleum products for the next fortnight on September 30.

On the other hand, the interim Information Minister Murtaza Solangi also hinted at the reduction in petroleum prices in the next fortnight’s review — scheduled for September 30.

Speaking to the media at the Karachi Press Club on Saturday, the information minister responded to the news report saying that the rupee gained Rs30 to Rs35 against the greenback due to administrative measures taken by the interim government in the last few days.

“There are enough chances that the oil prices will be reduced in the next [fuel prices] announcement,” the minister said adding that the interim government has no role in fuel prices as they are linked with international oil rates.

“[…] people will get some benefit of reduction in the value of the dollar,” he added.

Petrol-diesel prices in Pakistan have reached an all-time high on Sep 16.

The caretaker government announced another massive hike in petrol and diesel prices, taking them to Rs331.38 and Rs329.18 per litre, respectively.

The price of petrol was increased by Rs26.02 per litre.

While the price of high-speed diesel (HSD) was increased by Rs17.34 per litre.

The Ministry of Finance in the notification maintained that the decision was taken owing to the increasing trend of petroleum prices in the international market.

Meanwhile, no revision in the rates of kerosene and light diesel oil was specified.