The price of petrol has been dropped from 1st October 2023, that is a good news for citizens, as our local money is getting stronger against the US dollar and petrol prices reduction in the international market. The Finance Ministery issue a notification regarding petrol diesel prices w.e.f October 1, 2023. The finance experts said this is due to positive change in the value of the Pakistani rupee, which has gone up by Rs. 30 to Rs. 40 against the US dollar, is because of the government crack down on illegal money dealers and smugglers recently.
According to the notofication, the new petrol prices are as follows;
The new price of petrol is Rs. 323.38 per litre and Rs. 318.18 per litre for high speed diesel. In the last update on fuel prices on September 16, petrol and diesel prices reached record highs, which worried a lot of people that petrol costs Rs. 331.12 per liter, and high-speed diesel is priced at Rs. 329.19⁹ per liter.
Malik Bostan, who is the Chairman of the Exchange Companies Association of Pakistan (ECAP), is also feeling positive about the government’s actions against illegal currency activities. He thinks it might make the rupee even stronger, possibly making it less than Rs. 250 per dollar. Bostan also explained that this crackdown is against illegal black market dealers and bank workers, which led to illegal dollar trading through hawala/hundi channels and destroying economy of the Pakistan.