KARACHI – In a sigh of relief for inflation hit Pakistanis, the interim government is likely to slash petrol prices by up to Rs20 per litre for the first half of November.
A report shared by Express News claimed that petrol prices in Pakistan will drop by Rs20 per litre and Rs16 per litre by the start of next month. It said diesel prices will come down by Rs16 per litre.
The drop in prices stemmed from lowering of petrol prices in international market whereas local currency also gained massively against the USD.
Oil and Gas Regulatory Authority (OGRA) has also started preparing a draft for the decrease in prices of petroleum products whereas the final decision will be taken by the Petroleum Division on October 31 after consultation with caretaker Prime Minister Anwaarul Haq Kakar.
Earlier this month, the caretaker government lowered the price of petrol by Rs40 per litre whereas high-speed diesel by Rs15 per litre for the next fortnight.
As of now, the petrol price is available at Rs283.38 per litre and Rs303.18 per litre for HSD, and with the new price adjustment, the petrol rate will be dropped to around Rs260.
Currently, the federal government is charging Rs60 per litre in the wake of levy on petrol and Rs55 per litre on diesel.
The oil prices in international markets have witnessed a downward trend as British crude oil prices have dropped below $90 per barrel, while American crude oil prices have fallen below $84 per barrel.
