Islamabad anticipates a notable reduction in petrol and diesel prices.
Inflation in Pakistan is at an all-time high, petrol prices have reached triple digits, and the country’s oil industry has suffered its worst setback since Covid era.
According to sources, the price of petroleum products fell significantly after falling by $7 a barrel. The Gulf market, where crude oil prices have decreased, reflects this decline.
The interim administration is likely to reduce gasoline prices by up to Rs 20 a liter in order to spread the relief across the globe.
Moreover, expectations suggest a potential decrease in fuel costs of Rs 15–20 per liter.
The local currency’s performance versus the US Dollar increased as worldwide prices declined, which will assist the government in making adjustments.
Inflation impacted the general population earlier, while petroleum prices had their first reduction in two months. The interim administration also disclosed a reduction in gasoline costs of up to Rs 11 per liter. At midnight tonight, the new prices will take effect.
