International reports indicate a $5 drop per barrel in global crude oil prices. This decrease might significantly lower the prices of petroleum products in Pakistan, expected to start on November 1st.
In the coming month, it’s expected that petrol prices could fall by 15 to 20 Pakistani Rupees per liter, and high-speed diesel might decrease by 10 to 16 Pakistani Rupees per liter. The costs of light diesel oil and kerosene oil are also projected to decrease from November 1st. OGRA (Oil and Gas Regulatory Authority) has drafted an initial proposal concerning petroleum product prices in light of this.
The proposed price reductions are to be forwarded to the Petroleum Division by October 31st, subsequently sent to the Ministry of Petroleum and the Ministry of Finance. The final decision on these prices will be made by Anwar ul Haq Kakar, the Advisor to the Prime Minister, after review.
It’s noteworthy that on October 16th, petrol prices were reduced by 40 Pakistani Rupees per liter, and diesel also became cheaper by 15 Rupees per liter.