Motors has become the first auto company in Pakistan to cut vehicle prices in recent times following the appreciation of the rupee.
Effects of dollar depreciation, leading auto company announces cut in vehicle prices by lakhs of rupees, Is Motors becomes the first auto company in Pakistan to cut vehicle prices in recent times after appreciation of rupee. In a statement issued by Kya Motors Pakistan, it has been stated that the prices of various vehicles of the company have been reduced from Rs 1 lakh to Rs 5 lakh.
The new prices have been applied immediately.
It has been reported that the main reason for the decrease in the prices of vehicles is the improvement in the value of the Pakistan Rupee. According to experts associated with the auto sector, due to the worst depreciation of the Pakistani rupee during the last one and a half years, all the auto companies of the country have increased the prices of their vehicles.
During the last one and a half years, the prices of many vehicles increased by 100%, but now due to the continuous decline in the value of the dollar for the past one month, the prices of the vehicles are likely to decrease further. On the other hand, due to the improvement in the value of the Pakistani rupee, apart from vehicles, petroleum products are also likely to become cheaper. Petrol prices in the global market fell below the "Rs 200" level, crude oil prices also fell to a 2-month low, which is likely to bring major relief to the public.
According to media reports, the price of petrol is expected to decrease by 38 rupees and the price of diesel by 18 rupees per liter. The prices of petroleum products have also decreased in the global market. The price of petrol in the international market became 102 dollars per barrel, that is, the price of 1 liter of petrol in Pakistani rupees became 182 rupees.
While the price of diesel in the world market also increased to 117 dollars per barrel. A media report said yesterday that oil prices have fallen to a 2-month low by more than 5 percent. The price of British crude oil Brent oil decreased to 84 dollars per barrel, while the price of American crude oil WTI decreased to 82 dollars per barrel. It has been reported that the drop in crude oil prices is due to concerns of a slowdown in the global economy and low demand.
OPEC is also unlikely to cut oil production further. Due to this, for the last several days, the trend of continuous decline in oil prices has prevailed in the world market. While looking at the trend of falling oil prices in the global market, experts expressed the opinion that if this trend continues in the global market, there may be a clear reduction in the price per liter in Pakistan.
It should be noted that even at the beginning of this month, the possibility of a big decrease in the prices of petroleum products was being shown. It was reported that the prices of petroleum products will decrease significantly due to the cheapness of the dollar, however, on September 30, the caretaker government announced a reduction in the price of petrol by only Rs. Is. After the increase in the global market, the price of gold reached 1823 dollars per ounce.