Pakistan likely to cut petrol price by up to Rs40 per litre to provide instant relief to consumers

Pakistanis are suffering from record inflation, but the decline in global oil prices is a breath of fresh air that could help the crisis-stricken country lower the cost of essential goods during the second half of October.

Crude oil prices fell by $12 per barrel, hovering around $102 per barrel at the moment, while diesel prices fell by $9 to settle at $117 per barrel.

During a period of sharply falling oil prices, sources asserted that the cost of gasoline will decrease by up to Rs. 40 per liter and the cost of diesel by about Rs. 18 per liter.

The local currency rose as a result of the price fall in the global market, which will further help to drive down the price of gasoline.

As authorities tightened the noose on hoarders and smugglers, the dollar, which was trading at Rs307 at the beginning of September, fell to Rs284 recently.

In the meanwhile, on October 15th, the final decision about gasoline prices will be made public .