Prices of petroleum products are likely to decline from tomorrow (Oct 1) as Pakistani rupee made significant recovery against the US dollar.
Prices of petroleum products are likely to decline from tomorrow (Oct 1) as Pakistani rupee made significant recovery against the US dollar.
Cut in petroleum prices expected from Oct 1. Will govt walk the talk? Sources said the petroleum prices had witnessed downward trend in the international market and it’s hoped that the government would cut the prices to provide a sigh of relief to the inflation-hit masses.
The petrol price is expected to go down by Rs10 per litre and diesel price by Rs17per litre.
The Ministry of Finance would take a final decision on the petroleum prices for first fortnight of October 2023 after consultations with caretaker Prime Minister Anwaarul Haq Kakar.
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What Ogra said?
Earlier this week, the Oil and Gas Regulatory Authority (Ogra) underlined the need for avoiding speculations regarding the prices of petroleum products (POL) as these were primarily dependent on international market trends and the rupee-dollar exchange rates.
“Petroleum product prices in our country are primarily dependent on international market prices and the exchange rate of the dollar.
“In recent times, we have witnessed a surge in international petroleum prices, while the Dollar-to-Rupee exchange rate has shown improvement,” Ogra spokesman Imran Ghaznavi said in a press statement.
He said it was essential to highlight that there was still one week remaining before the announcement of new prices. Therefore, any speculation about price increases or decreases during this period potentially disrupt the smooth functioning of the oil supply chain, he said.
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