ISLAMABAD – Petroleum prices are expected to fall beginning tomorrow (October 1), since the Pakistani rupee has recovered significantly versus the US dollar.

According to sources, petroleum prices have been trending downward on the international market, and it is hoped that the government would lower the costs to bring a sigh of comfort to the inflation-stricken masses.

Petrol prices are likely to fall by Rs10 per litre, while diesel prices are projected to fall by Rs17 per litre.

Following meetings with interim Prime Minister Anwaarul Haq Kakar, the Ministry of Finance will make a final decision on petroleum pricing for the first two weeks of October 2023.

The Oil and Gas Regulatory Authority (Ogra) stressed earlier this week that speculation on petroleum product pricing (POL) should be avoided because they were mostly influenced by global market trends and the rupee-to-dollar exchange rates.

“The price of petroleum products in our nation is mostly influenced by exchange rates and prices on the global market.

According to a press release from Ogra, Imran Ghaznavi, “We have recently seen a surge in international petroleum prices, while the Dollar-to-Rupee exchange rate has shown improvement.”

He insisted that it was crucial to emphasize that the new rates wouldn’t be announced for another week. Therefore, any speculative activity regarding price rises or falls at this time might possibly interfere with the oil market’s normal operation.

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