ISLAMABAD – As inflation-weary Pakistanis are bearing the brunt of record inflation, there is a breath of fresh air that comes in light of the drop in international oil prices that could help the crisis-hit nation to cut prices of basic commodities for the second half of October.
As prices of crude dropped by $12 per barrel, the current price hovered at $102 per barrel, with diesel prices have dipped by $9 to settle at $117 per barrel.
Amid a significant drop in global oil prices, sources claimed that petrol prices will drop by up to Rs40 per liter while diesel prices will be slashed by around Rs18 per liter.
Following the price drop in the international market, the local currency also strengthened and it will further contribute to the decline in petroleum prices.
In early September, dollar was clocking at Rs307 but it plunged to Rs284 in recent weeks as authorities tightened the noose around the hoarders and smugglers.
Meanwhile, a final decision on the petrol prices will be announced on October 15.
The caretaker government earlier slashed petrol prices by Rs8 last month, bringing the new price to Rs323.38 per liter. The price of high-speed diesel was reduced by Rs11, and the current price clocked at Rs318.18.
