Overview
The sky-high petrol prices finally will stop on a rising scale and come down from next month. This is necessary because a huge increase in petrol prices causes of worst economic instability. We are expecting a significant reduction in fuel rates.
The compelling increase in rupee value against the Dollar is a reason the Finance Ministry could take this decision. It is necessary to follow the term of dollar value decrease as it was affected when it went high. The high prices of fuel around the country disturb routine travelers. Petroleum product sales also fell since the petrol prices created the new highest price record on the calendar.
How Much Reduce Expected in Petrol Prices
The new petrol rates decision will be in action from 1st October 2023. As per the expert’s prediction, fuel rates will fall down significantly. Petrol prices will be reduced by Rs. 11.98 per liter. Similarly, the rate could be reduced by Rs. 9.17 per liter and Kerosene Oil will receive a drop of Rs. 5.58 per liter.
Fuel prices are linked with dollar fluctuation because Pakistan buys petrol from the international market and the rates are the same for everyone. Due to the international trade currency fluctuation Pakistani consumers face ups and downs in imported product rates.
Reasons of Expecting a Reduce in Prices
Pakistani rupee’s strength against the dollar plays a vital role. Pakistan completely depends on the imported petroleum products. It’s pertinent to mention here in the international market sale and purchase depends on the international currency which is the Dollar.
The increased strength of the dollar against the Rupee has an effect on our economy and also disturbs the fuel rates.
Conclusion
The previous petrol rates were increased with the strength of the dollar and also the increase in the rate per barrel in the international market. The worth recalling is petrol prices should also come down with the current down of international currency. Petrol consumers looking for relief for a long time but the continuous increase has caused troubles and rising inflation around the country.
