On the global oil market, there is anticipation of a significant decrease in petroleum product prices, with a potential drop of $7 per barrel. This reduction is reflected in the Gulf market where crude oil prices have fallen to $92 per barrel and the global market, where they stand at $84 per barrel. In accordance with international rates, Pakistan is expected to see a substantial decline in petrol prices by approximately Rs22 per liter. Diesel prices are also projected to decrease by more than Rs20 per liter.

Additionally, when converted from the dollar rate, the current price of a barrel of oil in Pakistan is estimated to be around Rs26,220. This marks a significant drop from the price of Rs29,898 per barrel on September 15th  It's worth noting that the exchange rate of the Pakistani Rupee against the US Dollar has also witnessed a reduction of more than Rs20 recently.

Furthermore, approximately 23 days ago, there was a substantial influx of petroleum products into the market. If the government refrains from imposing additional taxes, this reduction in petroleum prices could potentially provide significant relief to the public.

 
Credit: Independent News Pakistan (INP)