Petroleum prices in the country are likely to drop from October 16, media reports have quoted sources as saying.
According to reports, the price of petrol is likely to decrease by Rs6.10 per litre whereas the price of high-speed diesel could drop by 97 paisas.
The price of kerosene is expected to drop by Rs2.75 per litre, reports said, adding that the price of light diesel oil could be reduced by Rs1.64 per litre.
The petroleum industry has completed its calculations and submitted them to the Oil and Gas Regulatory Authority (OGRA), reports said, adding that the authority would send its summary for said price changes to the Petroleum Division.
The Petroleum Division would then forward it to the Ministry of Finance, which, after consultation with the prime minister, would give final approval for it.
It merits a mention that the report comes two weeks after the federal government announced an increase in the prices of petroleum products, with the new rates taking effect from October 1.
According to a notification issued by the Ministry of Finance, the price of petrol was raised by Rs4.07 per litre while high-speed diesel prices were increased by Rs4.04 per litre.
Following the price hike, petrol currently costs Rs268.68 per litre – up from Rs264.61 – and high-speed diesel is priced at Rs276.81 per litre – up from a previous rate of Rs272.77.
These revised prices were to remain in effect for the next 15 days. The hike was part of the government’s routine review of petroleum prices, which are influenced by fluctuations in international markets and exchange rate changes.
Earlier, on September 16, the federal government had announced new petroleum prices for the next 15 days, keeping petrol unchanged while increasing the price of high-speed diesel.