ISLAMABAD: In a major relief for consumers, the prices of Petroleum products are likely to fall in Pakistan from October 16.
As per details, sources revealed that the petrol prices may be dropped by Rs6.10 per litre and high-speed diesel by Rs0.97 per litre.
Whereas, the price of kerosene oil is likely to decrease by Rs2.75 per litre, while light diesel oil will likely to decline by Rs1.64 per litre.
The initial price working has been prepared in view of trends in the international oil market. The Oil and Gas Regulatory Authority (OGRA) is expected to send its detailed price summary to the Petroleum Division on Wednesday.
After reviewing the proposal, the Petroleum Division and the Ministry of Finance will forward their recommendations to the prime minister, who will give final approval for the price revision.
According to sources, the new fuel prices will take effect from October 16.
It is pertinent to mention here that on October 30, the federal government approved an increase of Rs4.07 per litre in petrol rates, effective for the next two weeks until October 15.
A statement from the Finance Division said the revised prices were set following recommendations from the Oil and Gas Regulatory Authority (OGRA) and relevant government ministries.
The federal government had announced an increase in the prices of petroleum products, with both petrol and high-speed diesel seeing a significant rise, effective from midnight on October 1.
According to a notification from the Ministry of Finance, petrol has been increased by Rs 4.07 per litre, raising the rate from Rs 264.61 to Rs 268.68.
High-speed diesel has also gone up by Rs 4.04 per litre, moving from Rs 272.77 to Rs 276.81.
