Popular uprising in the Middle East and North Africa region and turbulence in currency markets has kept crude oil prices on the higher side in the outgoing financial year.

It is learnt that the crude prices in the international market during the last four months fell down by 19 percent. New York crude price was seen trading at $91.63 per barrel, while four months ago it was hovering over $113 per barrel. Besides, the sales tax cut from 17 to 16 percent effective July 1 would also help pave the way for reduction in the prices of petrol; and diesel.

“Owing to technical fault in Attock Oil Refinery, this month Pakistan State Oil imported refined oil from the international market,“ sources said, adding that petrol costs Rs 5 per litre more than Pakistan in the international market and if refined petrol was not being imported from the international market then reduction in petrol price would have been Rs 2.50 per litre. In total, the expected reduction would serves as peanut to the nation, sources opined.

When contacted experts, they were of the view that even though it is not always worthwhile for country’s economy like ours whenever the oil prices in the international market go up, our governments jack up the prices in accordance with these new rates.

On the other hand, whenever the rates are slashed down in international market, prices are not lowered accordingly.