The prices of petroleum products are likely to drop next month (April) in the backdrop of appreciating rupee and the general expectations of the people to share the benefits of huge windfall gains due to cheaper dollar.
A private news channel quoting sources reported that the prices of petroleum products are likely to be slashed by Rs1-1.50 and, thereby, petrol price would go down to Rs 108.50 from Rs 110 and diesel to Rs 116 from Rs 116.75.
Following significant fall in the price of dollar by Rs 7.22 recently, petroleum products prices could have been decreased by Rs2-2.50, but for the increase in revenue, the cut in POL prices is expected by Rs1-1.50 only leaving a substantial Rs 2 billion additional income for the government.
The Oil and Gas Regulatory Authority (OGRA) will be sending the POL prices summary in the end of the current month and the prices for the moth of April will be formally announced on March 31. Meanwhile, Pakistani rupee further strengthened by 18 paisa in interbank market against US dollar on Monday.
According to market sources, US dollar traded at 97.82 rupees in interbank market. Pakistani rupee has been gaining its value back after the government’s intervention, as there were reports of illegal trading of dollar in the market.
Prime Minister Nawaz Sharif had already expressed satisfaction over the economic gains in current fiscal year. He invited foreign investors to invest in various sectors of the country, especially energy.
Meanwhile, Pakistani rupee has further strengthened by 18 paisa in interbank market against US dollar on Monday. According to market sources, US dollar traded at 97.82 rupees in interbank market.
Pakistani rupee has been gaining its value back after the government’s intervention, as there were reports of illegal trading of dollar in the market. Prime Minister Nawaz Sharif has already expressed satisfaction over the economic gains in current fiscal year. He invited foreign investors to invest in various sectors of the country, especially energy.
