Potential Rs12 petrol price drop?

ISLAMABAD: Petrol prices may be poised for a significant decline due to the recent strengthening of the Pakistani rupee.

Finance ministry officials have indicated that, starting October 1 and lasting for the next two weeks, the price of a liter of petrol could potentially decrease by Rs11.98, while high-speed diesel rates may see a reduction of Rs9.17 per liter. Additionally, kerosene prices might drop by Rs5.58 per liter, reported The Express Tribune.

Increase in POL prices challenged

These officials noted that the extent of relief for consumers would depend on the continued trend of rising global oil prices and the rupee’s ability to maintain its gains. In the event that global oil prices decrease, consumers could potentially experience even greater price reductions.

The government is expected to make the final decision on petroleum product prices for the forthcoming two-week period on September 30.

In related news, international oil prices experienced a slight decline on Friday due to a more hawkish stance from the U.S. central bank, raising concerns about weakening demand. These concerns outweighed supply issues arising from Russia’s ban on fuel exports.