Petrol price in Pakistan expected to drop below Rs290 per litre soon

WEB DESK: In an anticipated move in response to global oil price fluctuations, the price of petrol in Pakistan is expected to decrease by Rs35 per litre on October 16, 2023.

Reports suggest that the price of petrol is likely to plummet from the existing rate of Rs323.38 to Rs285 per litre, marking a significant reduction.

Additionally, the price of high-speed diesel (HSD) might also witness a decline of up to Rs30 per litre in the upcoming fortnight.

Still, it is imperative to note that the final decision rests with the interim government, which will weigh various factors before confirming the price adjustments.

According to ARY News, this development comes after a recent reduction in petrol prices on October 1, wherein the cost was slashed by Rs8 per litre, bringing it to Rs323.38 per litre, following a two-month period of steady hikes.

Simultaneously, the price of high-speed diesel (HSD) had decreased by Rs11 per litre, stabilising at Rs318.18.

Furthermore, Pakistan’s national currency, the Pakistani rupee, has been demonstrating remarkable strength against the US dollar throughout the week.

It has experienced consistent gains, witnessing an increase of more than Rs5 in just a week.

As of Friday, the local unit closed at Rs277.62, marking the 27th consecutive gain against the greenback, thereby reflecting a positive trend in the country’s economic landscape.