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Pump price Oil fall: Consumers expecting reduction

Oil marketers and importers are set to review their prices from tomorrow.

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Consumers of oil products are expecting a reduction in petroleum prices after crude oil prices in the international market plummeted below $32 dollars.

Oil marketers and importers are set to review their prices from tomorrow, according to a Joy Business report. The reduction might knock of the effect of the recent full hikes, the report added.

For some consumers, there is no justification for prices at the pump not to go down considering the recent crude price fall on the international market. But industry players say the recent levies imposed on the various product might make it difficult for the prices to come down.

Prices of petroleum products have gone up by margins as high as 27% due to the imposition of the new energy sector levies.

On Tuesday, oil fell briefly below $30 a barrel - for the first time in 12 years - before recovering slightly on a day that has seen a drop in prices of almost four percent.

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