Petrol price likely to fall from Jan 16 amid global oil dip

ISLAMABAD: A sigh of relief for inflation-weary Pakistanis as the sharp drop in global oil prices fanned strong hopes of major relief for consumers in Pakistan.

The falling prices across international markets could bring down the prices of petrol and diesel in Pakistan.

The price of petrol per barrel in the global market has decreased by $2.74. The price of petrol has decreased from $69.27 per barrel to $66.54 per barrel.

The trend of decreasing crude oil prices in the global market continues. Petrol premium has also decreased by 13 cents per barrel. After which, the premium has decreased from $5.14 to $5.1.

Similarly, the customs duty on petrol per liter has been reduced by 72 paisa. While the exchange adjustment has decreased by 68 paisa per liter.

According to the report, the ex-refinery price of petrol has decreased by a total of Rs6.51 per liter. After which the price has decreased from Rs145.57 to Rs139.6 per liter.

On the other hand, the price of diesel per barrel in the global market fell by $2.33 to $73.99 from $76.32.

A reduction of 80 paise in customs duty per barrel on diesel and 35 paise per liter in exchange adjustment was recorded. As a result, the ex-refinery price of diesel decreased by Rs5.33 per liter. After which the price decreased from Rs155.33 to Rs149.99 per liter.

The impact of this reduction in prices in the global market is also likely to affect the prices of petroleum products at the local level. However, the final decision will be taken by the relevant authorities.