Wednesday, May 22, 2024

Massive Drop in Petroleum Price Expected from 1st November in Pakistan

According to international media, there has been a $5 decrease per barrel in the global crude oil prices, which could potentially lead to a significant reduction in petroleum product prices in Pakistan starting from November 1st.

Next month, it is anticipated that petrol prices could decrease by 15 to 20 Pakistani Rupees per liter, while the price of high-speed diesel is expected to decrease by 10 to 16 Pakistani Rupees per liter. It is reported that the prices of light diesel oil and kerosene oil will also decrease from November 1st, and OGRA (Oil and Gas Regulatory Authority) has prepared an initial proposal regarding petroleum product prices in this regard.

Price reduction will be sent to the Petroleum Division by October 31st, which will then be sent to the Ministry of Petroleum and the Ministry of Finance. Afterward, the concerned Prime Minister’s Advisor, Anwar ul Haq Kakar, will make the final decision on the prices.

It should be noted that on October 16th, the per-liter price of petrol was reduced by 40 Pakistani Rupees, and diesel was also made cheaper by 15 Rupees per liter.

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