Rs 150 per liter: The price of crude oil has dropped precipitously on the international market. On January 20 of this year, the price of crude oil was $82. It has now dropped more than $12 in less than 50 days, to reach $69.3. Crude oil prices are currently at their August 2021 level.
Rs 150 per liter, The people of Pakistan are hopeful that the price of gasoline will drop dramatically here as well, following the $12.7 drop in the price of crude oil on the international market, according to the private social media platform V News. It should be mentioned that petrol costs Rs 119 per litre in Pakistan in August 2021. The question now is whether Pakistan’s petrol prices can drop to August 2021 levels as well. In the event that this occurs, petrol prices in Pakistan will drop by Rs 150 per litre.
Rs 150 per liter, The government makes the decision to alter the price of gasoline every fifteen days. Given that the price of crude oil has dropped by $12.7 on the international market over the past 50 days, it is anticipated that the price of gasoline will drop by Rs20 to Rs30. However, this is not feasible because the effects of the global crude oil price decline on Pakistani gasoline prices take two months to manifest.
Economic specialists predict that a drop of up to Rs10 might occur right now, and that it could drop much more starting next month. In light of the OGRA summary, the Ministry of Finance will make the final decision about the gasoline price reduction on the evening of March 15.
Price swings for crude oil were also observed on the international market in 2024. Crude oil prices peaked on April 10 at $91.17 per barrel and fell to $70.17 per barrel on September 10. The price per barrel was $73.58 at the start of the year and remains at that level now.
The price of crude oil dropped to $69.75 per barrel on the international market in August 2021. The price of petrol was Rs119 per litre at the time, and the dollar was worth Rs163 in Pakistan. At that point, the price of gasoline was Rs255.63 a liter, the price of crude oil had once again hit $69.50, but the dollar rate was Rs280. Given the current price of crude oil and the dollar exchange rate from that era, the cost of gasoline in Pakistan should be Rs200 per liter. However, the government currently collects a petroleum charge of Rs60 per liter from the sale of gasoline.