Petrol price likely to drop below Rs300 per liter, sources

Petrol price in Pakistan is likely to drop below Rs300 per liter, sources claimed on Saturday.

The government will announce the revised prices for petroleum products on October 15 for the next fortnight of the month.

Sources claim that the caretaker federal government is expected to cut the petrol and diesel prices in the upcoming fortnightly review amid declining global oil prices and rupee appreciation.

Reports doing rounds suggest that petrol price might be decreased by Rs36, dropping the per liter price below Rs300-mark.

Petrol is currently being sold at Rs323.38/L

Furthermore, as per the sources, the high-speed diesel price is likely to go down by Rs19 per liter.

In the International market, the petrol price has dropped by $10 to $104 per barrel while diesel after an $8 decline, is being traded at $118 per barrel.

Sources are also of the view that petroleum prices would go down owing to continuous rupee appreciation against the US dollar.

On September 30, the caretaker government announced an Rs8 and Rs11 per liter decrease in petrol and diesel prices, respectively.

The Ministry of Finance issued a notification regarding the reduction in the prices of petroleum products.

According to the notification, the price of petrol was reduced by 8 rupees per liter, and the new price of petrol was fixed at 323 rupees 38 paise per liter.

While the price of diesel has been reduced by Rs 11 per liter, the new price of high-speed diesel has been set at Rs 318.18 paise per liter.