From October 1, oil prices are projected to decline
ISLAMABAD: According to sources speaking to Geo News on Saturday, oil prices are predicted to decline starting on October 1 (tomorrow), as a result of the Pakistani rupee’s stability against the US dollar.
According to the reports, prices on the global market have also dropped.
According to the sources, the interim prime minister Anwaar-ul-Haq Kakar will be consulted before a final decision on petroleum prices is made by the Ministry of Finance.
Following statements from federal ministers that the POL rates will probably be decreased in the upcoming fortnightly review, the Oil and Gas Regulatory Authority (Ogra) issued a warning against gambling on the price of petroleum products earlier this week.
Gohar Ejaz and Murtaza Solangi, the interim federal ministers for commerce and industries and information and broadcasting, stated last week that POL prices will be decreased after the rupee strengthened against the dollar.
The claims were sparked by the rupee’s increase of almost Rs19 versus the dollar over the past two weeks because Pakistan imports POL and pays for the product in dollars.
The caretaker government raised the price of gasoline by more than Rs. 26 and that of diesel by more than Rs. 17 per litre in the last fortnightly review, making those prices the highest in recorded history.
According to the authority, the price of petroleum products in Pakistan is largely influenced by prices on the global market and the dollar exchange rate.
According to the report, international gasoline prices have recently increased while the dollar-to-rupee exchange rate has improved.
However, the authorities emphasized that it was important to emphasize that there was still one week before the introduction of new pricing.
“Therefore, any speculation about price increases or decreases during this period is highly speculative and may potentially interfere with the efficient operation of the oil supply chain,” the statement reads.
