Pakistanis are suffering from record inflation, but the decline in global oil prices is a breath of fresh air that could help the crisis-stricken country lower the cost of essential goods during the second half of October.
Crude oil prices fell by $12 per barrel, hovering around $102 per barrel at the moment, while diesel prices fell by $9 to settle at $117 per barrel.
There has been a sharp decline in the price of oil globally, and sources have predicted that petrol prices will fall by up to Rs. 40 per liter and diesel prices by about Rs. 18 per liter.
The local currency increased after the price drop on the global market, which helped to further lower the price of petroleum.
The dollar was trading at Rs307 at the beginning of September, but in subsequent weeks, as authorities tightened the noose around hoarders and smugglers, it fell to Rs284.
On October 15, a final decision regarding petrol pricing will be made public.
The price of gasoline was already reduced by Rs8 by the caretaker government last month, bringing the current price to Rs323.38 per liter. High-speed diesel is now available for Rs318.18 after a Rs11 price reduction.
