Due to a global downward trend in oil prices, Pakistan is projected to see a decrease in the price of petrol in the upcoming price review on April 30, according to local media reports.
It is anticipated that local prices of gasoline and diesel will decrease by Rs. 3.75 and $4.3 per barrel, respectively, as a result of the worldwide price declines of $1.86 and $4.3 per barrel.
On the global market, the price per barrel of gasoline is currently $107.16 and diesel is $104.76.
The journal was informed by experts in the oil sector that the global market for petroleum products is seeing a decreasing trend in prices. If this impact is transferred locally, the price of petroleum products may also go down.
The oil sector will release the final statistics on April 29, 2024, accounting for the price trends over the preceding fifteen days.
The analysts note that there remains volatility in global prices despite a brief period of drop, and they are unsure of how they will move in the following four to five days.
In the last weekly pricing review on April 15, 2024, the government increased the price of gasoline by Rs4.53 per liter, making it Rs293.94 per liter.
The cost of the high-speed fuel increased by Rs8.14 per liter to Rs290.38.
The government reviews and adjusts the price of petroleum products every fifteen days in reaction to fluctuations in the price of oil across the world and in the value of the local currency.
In relation to the US dollar, the rupee has considerably decreased since the last price adjustment. It was trading at about Rs278.39 on Wednesday.
