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Petrol, diesel prices fall after record high

ISLAMABAD (a1tv News) There is a national sigh of relief as petroleum prices drifted down from the record high for the first fortnight of October 2023.

The caretaker government has declined the petrol price by Rs8 per litre to Rs323.38 while the new price of high speed diesel has been fixed as Rs318.8 per litre after it witnessed a decline of Rs11.

The revised prices would come into effect from Oct 1. Previously, the petrol price had surged to historic high of Rs331.38 and diesel price to Rs329.18 per litre.

The decline in petroleum prices comes after two months as rupee made significant recovery against the US dollar in both interbank and open markets after a crackdown was launched on dollars’ smuggling and hoarding.

It is also in line with the downward trend in oil prices in the international market.

Commerce Minister’s Prediction Comes True

Last week, Federal Caretaker Minister for Commerce Gohar Ejaz had indicated that there could be a reduction in petrol prices on October 1, attributing this potential relief to the strengthening of the Pakistani currency against the US dollar.

During a media interaction alongside Sindh Governor Kamran Tessori, the minister acknowledged the impact of inflation on all segments of society, and outlined efforts to combat the illegal flow of US dollars.

The minister underscored the caretaker government’s commitment to boosting exports, setting an ambitious goal of reaching $100 billion in exports within five years, particularly highlighting the pharmaceutical sector, which currently accounts for only $250 million in exports.

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