Petrol Price Likely to Drop in Pakistan as Global Oil Rates Decline

Lahore: According to government sources, there is a possibility of a decrease in the prices of petroleum products in Pakistan during the next fortnight, the main reason for which is being said to be the recent decline in crude oil prices in the global market.
Sources say that the price of petrol is expected to decrease by about Rs 4.59 per liter, while the price of high-speed diesel may also decrease by Rs 2.70 per liter. If the government approves this proposal, it will directly benefit the common citizens, transporters and the business community.
According to economists, one of the major reasons for the decline in oil prices at the global level is the slowdown in industrial activities and the increase in strategic reserves by major economies. They say that the decline in demand and improvement in supply have put pressure on global prices.
The determination of petroleum prices in Pakistan depends on several factors, including the global market, dollar rate, import costs and government taxes. That is why sometimes despite a decline in the global market, prices remain stable at the local level.
However, according to energy experts, if the government provides relief to consumers in the current circumstances, it could also temporarily reduce the overall pace of inflation, which would be a positive signal for the public, both psychologically and economically.