Overview
Pakistan has experienced record high petrol rates in recent times. Petrol prices decisions are revised in Pakistan every fortnight. Pakistan’s economy suffering through repercussions. Fuel prices are linked with overall inflation in the country. The previous highest rates of petrol created a strict inflation situation around the country, which caused a hard time for citizens.
However, the prices of petroleum products increased in the global market. The other reason behind the high fuel rates is the devaluation of rupee in the Pakistan. But now we are standing at a stable position for currency and the rupee shows a good increase against the dollar.
The previous decrease in petrol rate by Rs 8 per liter stands at the rate of Rs. 323.38, and diesel price declined by Rs. 11 per liter and the current rate is Rs. 318.18 per liter.
Expected Decrease In Petrol Rate
We are expecting another decline in petrol rates because we saw a decline in petrol rates in the global market. Meanwhile, the rupee strengthening is another cause the government should count on to reduce rates.
As per the report, petrol saw a good percentage of decline in the international market. It dropped by more than 5%. The British Brent crude oil price has fallen to $85.81 per barrel and WTI crude oil has dropped to $84.22 per barrel.
As per the global market change possibility of petrol prices decline expectation becomes stronger. It is necessary for the ongoing situation of Pakistan. the stability of petrol rates controls overall inflation and help business to grow.
Conclusion
The decline in petroleum products is always happy news. Because the high set-off rates are not suitable for our economy and disturb the day-to-day operations. The business also faces troubles due to high fuel rates. Meanwhile, daily commuters suffer in hard times as well.
