Petrol price likely to be Rs 40 per liter

Islamabad: Petrol price is expected to drop dramatically to Rs 35 to Rs 40 per liter by the end of this month, according to sources.

Oil prices in the global market have fallen to the lowest level since the 1991 Gulf war. Talking on this situation, analyst Sami Abraham claims in his video on YouTube that there is a very clear possibility that the price of petrol in Pakistan will come down to Rs 35 to Rs 40 per liter.

Talking further, he said that the price of oil in the global market has now reached between $ 32 to $ 35 per barrel, which will affect the global economy. It will be marked beneficial for the people of Pakistan as it will provide relief to the people due to reduction in the oil price.

Remember that ever since Imran Khan’s government came to power, there has been a surprising increase in the price of petrol. After which the Pakistan Tehreek-e-Insaf (PTI) government faced severe criticism from the general public. The price of petrol was reduced by Rs 5 per liter by the government after the global decrease in oil prices a few days ago.

US Crude Oil (WTI) is down by twenty-one percent, equivalent to almost ten US dollars. Moreover, a single barrel is now being priced at approximately US $32.6. Reportedly, Brent Oil prices have also fallen by nearly twenty-one percent [ten US dollars] or US $35.8 per barrel.

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Additionally, the decline in petrol prices should further help to contain the rising inflation which is expected to fall to almost single digits in the succeeding months, as per sources. Furthermore, the drop may ensure that there are cuts in interest rate, reduced energy and/or leveraged cost to the state economy as well as businesses, and the industrial sector, including drastically improving indirect taxes charged by the government.

It is to be noted, that the previous Oil Crash during the 2014-2016 fiscal years, resulted in an estimated thirteen billion US dollars profit for the Pakistani economy from the total state savings pertaining to the reduced Oil and/or Energy imports, respectively.