Overview
Pakistan rupee’s strength shows a positive response against the dollar which causes imported products’ value to decrease. Petrol import is a major substantial in Pakistan and affects the overall prices of products. Pakistan coming out of the critical situation and suffering against dollar strength. This is why we are expecting a reduction in petrol price.
The previous decrease in petrol rates had made a major impact and set petrol rates lower than Rs 300 and now it will reduce the price by up to Rs. 18. The previous flaws of the petrol prices increase were due to the rupee depreciation and global petrol rates change. The global petrol rates up and down are continued but now our economy is in a situation to come down petrol rates against global rates up and down.
Discussion
Petrol in Pakistan is an imported product which always affected by dollar strength or global market price change. Rupee surges always bring good news for the economy and petrol rates. As the recent new petrol prices jacked up in the global market by up $3.5 per barrel the significant increase of rupee by Rs. 3 against the US dollar makes the economy stand to offer price reductions.
The ongoing economic affairs are in favor of business. Automotive industry also stands in a position to reduce car prices. Meanwhile, other businesses are also in a growing situation. Pakistan rupee strength matters a lot and now we can see it happening.
In the previous petrol price decision the government decreased rate by Rs. 40 and current rate is Rs.283.38 per liter. meanwhile, High-Speed Diesel stands at Rs. 303.18 per liter after the reduction of Rs. 15 per liter.
Conclusion
The price of petroleum products for next 15 days will be announced tomorrow. The final decision will confirm the price for next fortnight. We are expecting more reduction if it happens petrol will be available at a lower rate of Rs. 270. This is rare in Pakistan that the global increase in petroleum products causes of reduction in petroleum products in Pakistan and all this is credited to the rupee surge.
