Petrol price likely to dip below Rs300 per litre
Business
Decline ex-refinery prices and a stronger rupee are the reasons
ISLAMABAD (Web Desk) – The caretaker federal government is expected to cut the petrol and diesel prices in upcoming fortnightly review today (Sunday) amid declining global oil prices and rupee appreciation.
There are reports that the petrol price might be decreased by Rs36, dropping the per litre price below Rs300 mark as currently it is being sold for Rs323.38. Similarly, the high-speed diesel price is likely to go down by Rs19 per litre.
Apart from the appreciation being witnessed by the Pakistan rupee, the other reason behind this expected move is the fact that the ex-refinery price of petrol has declined to Rs206 and that of diesel to Rs233 per litre after a reduction of Rs36 and Rs19 respectively.
On the other hand, the petrol price has dropped by $10 to $104 per barrel while the diesel is being traded at $118 per barrel after a $8 decline in International market.
Earlier on Sept 30, the caretaker government had announced Rs8 and Rs11 per litre decrease in petrol and diesel prices respectively.
