ISLAMABAD : Petroleum prices are expected to drop starting tomorrow (Oct. 1) as a result of the Pakistani rupee’s considerable strengthening versus the US dollar.

According to sources, there has been a decline in petroleum prices on the global market, and it is hoped that the government would lower the costs to ease the suffering of the people due to inflation.

The cost of gasoline is anticipated to decrease by Rs. 10 per litre, and the cost of diesel by Rs.

Following discussions with interim Prime Minister Anwaarul Haq Kakar, the Ministry of Finance will make a final determination regarding the petroleum pricing for the first two weeks of October 2023.

Earlier this week, the Oil and Gas Regulatory Authority (Ogra) emphasized the need of avoiding speculation about petroleum product (POL) pricing, which are largely determined by worldwide market trends and rupee-dollar exchange rates.

“Our country’s petroleum product prices are primarily determined by international market prices and the value of the dollar.”

“In recent times, we have witnessed a surge in international petroleum prices, while the Dollar-to-Rupee exchange rate has shown improvement,” Ogra spokesperson Imran Ghaznavi said in a press statement.

He stated that it was critical to emphasize that there was still one week till the introduction of new rates. As a result, any speculation regarding price rises or drops during this time period has the potential to disrupt the oil market’s normal operation.

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