Petrol prices in Pakistan is expected to drop by Rs 27 liter from 1st May.
Petrol price can be reduced by Rs 27 and diesel by Rs 22 per liter.
Industry sources said that due to the decline in oil prices in the global market, the petrol price in country will also decline.
According to the ministry of finance the benefit of decline in international oil prices will be transferred to the end user. The sources revealed that the demand of petrol fell drastically amid coronavirus.
Earlier Prime Minister Imran Khan announced to reduce the petrol prices in Pakistan as international oil prices fell.
While addressing a press conference with his senior members of the cabinet he said that the novel coronavirus is not the real danger, rather the decisions that people take fearing the Coronavirus is a real threat.
Talking about the lockdown, PM said the impact that comes after a lockdown is imposed will create more panic than the coronavirus itself.
United States Oil Prices on Tuesday witnessed the fall of almost 20% amid intensifying fears about dwindling storage capacity worldwide.
Media reports said West Texas Intermediate, the U.S. benchmark, slipped over 19%, or $2.5, to trade at $10.22 per barrel, while international benchmark Brent crude traded 4.5% lower at $19.09 per barrel.
Economy Experts say that the global pandemic of novel coronavirus has erased as much as a third of global demand for oil.