In a welcomed development for Pakistani consumers grappling with inflation, the interim government is poised to reduce petrol prices by up to Rs20 per litre in the first half of November.
According to a report from Express News, petrol prices in Pakistan are set to decrease by Rs20 per litre, while diesel will see a Rs16 per litre reduction at the start of the coming month. This drop is attributed to the decline in international petrol prices and a significant strengthening of the local currency against the USD.
The Oil and Gas Regulatory Authority (OGRA) is in the process of preparing a proposal for the reduction in petroleum product prices. The final decision, following consultation with caretaker Prime Minister Anwaarul Haq Kakar, is expected to be made by the Petroleum Division on October 31.
Earlier this month, the caretaker government had already lowered petrol prices by Rs40 per litre and high-speed diesel by Rs15 per litre for the subsequent two weeks.
Currently, petrol is priced at Rs283.38 per litre and high-speed diesel at Rs303.18 per litre. With the anticipated adjustment, petrol is expected to be reduced to approximately Rs260 per litre.
At present, the federal government imposes a levy of Rs60 per litre on petrol and Rs55 per litre on diesel.
International oil prices have been on a downward trend, with British crude oil prices falling below $90 per barrel and American crude oil prices dropping below $84 per barrel.
