Fuel prices may finally come down after two months - SUCH TV
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The price of petrol could be reduced by up to Rs19 per litre at the end of September when the government announces petroleum prices for the next fortnight. The reduction has been estimated on the basis of rupee appreciation and the relative stability that the world oil prices enjoyed in the past week. The Pakistani rupee has appreciated over 6% against the US dollar in the past 16 trading sessions with the greenback declining from Rs307 to Rs288. When the government last notified oil prices on September 16, benchmark Brent crude oil was trading at above $95 per barrel. It dropped to $93.69 since then and now remains stable below $94.50. Ogra’s computations show that the regulatory authority used an average exchange rate of Rs302.32 per US dollar when it calculated oil prices on September 15. The average exchange rate has now dropped to Rs291. Sources in Ogra say that the petrol price could be slashed by Rs10 on the account of rupee appreciation alone. If the authori...