The price of petrol is likely to be reduced at the end of September when the government announces petroleum prices for the next fortnight, according to multiple media reports.

The price could be reduced due to the appreciation in the value of Pakistani rupee against US dollar and the stability of the world oil prices in the past week.

The Pakistani rupee has gained over 6% against the US dollar in the last 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.

The average exchange rate of Rs302.32 per US dollar was used by OGRA for its oil price calculations a day before the last petrol price hike.

Now, the average exchange rate has significantly dropped by more than 10 rupees to Rs.291.

Sources in the regulatory body assure that the increase in the value of rupee could decrease the petrol price by Rs10.

In addition, if the government decides to pass on the benefit of stability in the price of petroleum products in international market to consumers, the price could come down by as much as Rs19 per litre.