Islamabad: Once again, a reduction in petroleum product prices is expected from November 1st.
According to international reports, there has been a $5 reduction in the per barrel price of crude oil in the global market. As a result, there is a significant possibility of a reduction in petroleum product prices in Pakistan starting from November 1st.
In the coming month, there is a possibility of a reduction of 15 to 20 rupees per liter in the price of petrol, while a reduction of 10 to 16 rupees per liter is also possible for high-speed diesel.
Sources indicate that from November 1st, the prices of light diesel oil and kerosene oil will also become cheaper. In this regard, OGRA (Oil and Gas Regulatory Authority) has prepared an initial proposal for the prices of petroleum products.
According to sources, the final summary of the price reduction will be sent to the Petroleum Division on October 31st. The Ministry of Petroleum and the Ministry of Finance will send separate summaries to the Prime Minister, after which the caretaker Prime Minister Anwaar ul Haq will make the final decision regarding the prices.