A decision regarding the reduction or maintenance of petroleum product prices is expected to be announced today, as reported by 24NewsHD TV channel on Tuesday.
Caretaker Prime Minister Anwaarul Haq Kakar will make the final decision, and it’s anticipated that oil companies and dealers may see increased profits.
Reports have been circulating for several days suggesting a potential decrease in petroleum prices. It’s likely that petrol prices may decrease by Rs15 to Rs20 per litre, and high-speed diesel prices may see a reduction of Rs10 to Rs16 per litre. Additionally, the prices of light diesel oil and kerosene oil may also be lowered.
The Oil and Gas Regulatory Authority (Ogra) has prepared an initial draft of petroleum product prices. The final summary for the price adjustments will be submitted to the Petroleum Division on October 31, 2023. Following this, the Petroleum and Finance ministries will review and send the summary to the caretaker prime minister for the ultimate decision.
