Petrol may go down in Pakistan from Oct 1

Petroleum prices in Pakistan are expected to decrease as the Pakistani rupee continues to strengthen against the US dollar, interim Information Minister Murtaza Solangi said on Saturday.

Speaking to the media at the Karachi Press Club on Saturday, the information minister responded to a report saying that the rupee gained Rs30 to Rs35 versus the US dollar as a result of administrative steps implemented by the interim administration in recent days.

He was alluding to the authorities’ military-backed crackdown on hoarders, currency smugglers, and black marketeers after the rupee plummeted to a historic low of Rs308 in interbank and above Rs330 in the open market earlier this month.

The crackdown has helped the rupee gain significantly, recovering to 291.76 per dollar in the interbank market, its highest level since Sept 5.

The currency has gained 5% or Rs15 since then, supported by dollar inflows from exporters and remittances, as well as measures by the central bank to encourage legal channels for foreign exchange transactions.

“There are enough chances that the oil prices will be reduced in the next [fuel prices] announcement,” the minister said adding that the interim government has no role in fuel prices as they are linked with international oil rates.

People will get some benefit of reduction in the value of the dollar,” he remarked.

In the most recent fortnightly review, on September 16, fuel prices reached an all-time high after the caretaker government increased petrol prices by more than Rs26 and diesel rates by more than Rs17 per litre.

Currently, petrol costs Rs331.1 per litre, while high-speed diesel costs Rs329.19 per litre.

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