WEB DESK: As global oil prices take a downward turn, Pakistan anticipates a drop in petrole price in the upcoming review scheduled for April 30, according to The News.
Diesel and gasoline prices have seen reductions of $4.3 per barrel and $1.86 per barrel respectively in the international market, leading to expectations of a decrease in domestic prices by Rs7.85 and Rs3.75.
Diesel is currently priced at $104.76 per barrel globally, while petrol stands at $107.16 per barrel.
Oil industry experts suggest a downward trend in petroleum prices globally, which could potentially influence local prices.
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The final data, to be reported on April 29, will consider pricing trends over the past fifteen days. However, despite recent declines, experts note ongoing volatility in global prices, making future movements uncertain in the next four to five days.
Against this backdrop, questions arise about Pakistan’s preparedness for potential risks stemming from the Middle East crisis.
In the most recent fortnightly review on April 15, the government raised petrol prices by Rs4.53 per litre to reach Rs293.94 per litre. High-speed diesel also saw an increase, reaching Rs290.38 per litre with a hike of Rs8.14 per litre.
Government adjustments to petroleum product prices every 15 days respond to fluctuations in global oil prices and local currency value. With the rupee slightly depreciating against the dollar since the last adjustment, trading around Rs278.39 on Wednesday, these factors weigh into the decision-making process.
The government takes into account factors such as expected fuel consumption and supply costs of the state-owned Pakistan State Oil, as well as monthly tax targets, when determining petroleum product prices.
