ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are likely to see major decline in Pakistan from October 16 after the reduction in the rates of petroleum products in the global market.
On Friday, the international oil prices were on track to post their steepest losses in a week since March, after another partial lifting of Russia’s fuel export ban heightened demand fears due to macroeconomic headwinds.
According to the local media reports, the oil prices have dropped by $7 per barrel in the international market. However, on Friday, Brent futures edged higher at 7 cents at $84.14 per barrel at 1522 GMT while the US West Texas Intermediate (WTI) crude futures were up 4 cents at $82.35.
In the Gulf market, crude oil prices have come to $92 per barrel. According to these international rates, the prices of petrol and high-speed diesel in Pakistan should reduce by Rs22 and Rs20 per litre, respectively.
From October 1, the government reduced the price of petrol by Rs8, from Rs331.38 per litre to Rs323.38. Similarly, the rate of diesel was reduced by Rs11, from Rs329.18 per litre to Rs318.18.
On Friday, the Pakistani rupee witnessed the 22nd consecutive recovery session as it gained 94 paisas against the US dollar in the interbank market and closed at Rs282.68 against the previous day’s closing of Rs283.62.
