Due to a dramatic drop in oil rates on global markets, POL prices are expected to fall by Rs15 from October 1st.

According to experts, the price of diesel could drop by Rs15 and the price of petrol could drop by Rs5 for the next two weeks, reports Geo.

They stated that the new price would be determined based on the price of oil on the global markets through September 29.

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On Monday, oil prices fell for a second day due to concerns about weaker fuel consumption from an anticipated global recession brought on by rising global interest rates as well as the fact that non-dollar buyers of crude are less able to purchase it due to the strengthening US dollar.

At 06:40 GMT, the price of Brent crude futures for November settlement fell $1.35, or 1.57 per cent, to $84.80 per barrel. The contract dropped to $84.51, its lowest price since January 14.

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The November delivery price of US West Texas Intermediate (WTI) oil futures fell $1.15, or 1.46 per cent, to $77.59 a barrel. WTI dropped to $77.21, its lowest level since January 6.

The government is required to levy a fee on petroleum products as part of an agreement with the International Monetary Fund. The application of a petroleum levy on gasoline is currently set at Rs37.50 per litre and on diesel at Rs7.50 per litre, according to a notification released on September 1.