Petrol price likely to go down from tonight

Petrol price likely to go down from tonight

Islamabad (Web Desk): The prices of petroleum products likely to drop from September 16 to Sep 30.

According to sources, petrol price will decrease from Rs235.98 per litre to Rs226.36 after a cut of Rs9.62 per litre. However, a slight increase of Rs3.04 per litre is expected in the price of diesel, taking the rate up from Rs247.26 per litre to Rs250.30 for the said duration.

On the other hand, oil prices in international market edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the United States, the world’s biggest crude consumer.

Brent crude futures was up by 2 cents to $94.12 a barrel by 0324 GMT, while US West Texas Intermediate crude rose 18 cents, or 0.2 per cent, to $88.66.

“The oil price has been pricing in a global recession, but even with flat global growth, the oil demand would remain quite strong relative to continued supply worries,” said Clifford Bennett, chief economist at ACY Securities in a note.

The market has been focusing on the demand side of late but has probably priced too big a fall in actual demand while forgetting supply can still be somewhat problematic, said Bennett.