Petroleum Prices in Pakistan Expected to Drop from October 16

Petroleum prices in Pakistan are expected to decrease over the next 15 days, according to the reports citing reliable sources on Tuesday.

Sources indicate that petrol prices may be reduced by Rs 6.10 per litre, while high-speed diesel could see a smaller cut of 97 paise per litre, effective from October 16.

Further anticipated adjustments include a Rs 2.75 per litre decrease in the price of kerosene and a Rs 1.64 per litre reduction in light diesel oil.

Industry sources confirm that the petroleum sector has completed its internal calculations and submitted the proposed revisions to the Oil and Gas Regulatory Authority (OGRA). OGRA is expected to forward a formal summary of the proposed price changes to the Ministry of Finance via the Petroleum Division by the end of the day.

The Ministry of Finance will make a final decision on the new prices following consultations with the Prime Minister, with official approval expected by tomorrow.

It is important to note that the federal government reviews and revises the prices of petroleum products on a fortnightly basis, aligning adjustments with international market trends and domestic economic conditions.