In a significant development, there has been a significant decline in petrol and diesel prices in the international market.
Following this development, petrol prices in Pakistan are also expected to be reduced. According to details, price of petrol has been decreased by $1.40 per barrel. Petrol price in the international market has come down from $7.24 per barrel to $5.84 per barrel.
Meanwhile, the price of diesel has also decreased by 60 cents per barrel globally. Traditionally, whenever global rates of petroleum products decrease, it has a similar effect in petrol prices in Pakistan as well.
After the decline in the prices of petrol and diesel in the global market, there is a possibility of a decline in the prices of petrol and diesel in Pakistan as well.
Experts have suggested that petrol prices in Pakistan might be lowered by Rs3.18 per litre while diesel’s price could be decreased by Rs3 per litre.
It must be highlighted that these figures are merely expected changes in petrol rates in Pakistan as the final decision will be taken by the government at the next fortnight review.
The government takes a review of petroleum prices in Pakistan every 15 days as per the proposal of OGRA.
It merits a mention that the last fortnightly review took place on March 15 when the government decided to not reduce petrol prices in Pakistan, instead provide relief to the people through reduced electricity rates.
“We have decided to maintain petrol prices in Pakistan at their current levels and transfer the full financial benefit to the public by reducing electricity prices,” the Prime Minister said.
During the last review, it was expected that the government would slash petrol prices according to lowering international oil rates.
