Overview
Petrol price to reduce, rumors circulating on social media. Pakistan’s economic grappling is continuing. Conversely, the dollar is stable and the rupee value has been increased. Pakistani rupee value appreciation is the most important factor affecting prices on international purchase products. Meanwhile, the global market is experiencing a decline in fuel rates.
Automakers trying different promotions on vehicles to improve sales which have plummeted for a couple of months. Since the dollar value increased against the rupee automakers suffered huge losses. The overall prices of petroleum products have also increased in Pakistan. Because Pakistan’s petroleum need is completely dependent on imports which cost more with dollar strength.
Why Petrol Prices To Reduce
The Russian oil price has dropped by $60 per barrel in the international market. It creates the expectation that petrol prices in Pakistan will be reduced by up to Rs. 10/liter. At this time the per barrel cost decrease in the international market may affect Pakistan’s fuel price. because of the US Dollar’s stability against PKR. There are no excuses for rupee value depreciation because it favors rupee value.
The reason for the huge decrease in car prices is just because of the rupee’s strength against the dollar. Car makers have managed costs effectively and they took benefit of this good economic time. multiple electric cars and scooters announced by automakers to share the rupee strength happiness with customers.
The current rate of petrol is standing at Rs. 281.34 per liter and Diesel is available for Rs. 290 per liter. if the price of petrol is reduced it may take it to below Rs. 275 per liter and Diesel might be reduced to Rs. 285 per liter.
Conclusion
The final decision on new petrol prices will be announced in one day. Since the last two fortnight’s petrol prices decision, the federal government has not increased petrol. We are expecting a decrease due to the situation of the global market. if the petrol price decreases it may ease the financial strain for individuals and businesses also.
