In the wake of a substantial reduction in the prices of petrol and dieselin October, reports suggest that the federal government is poised toimplement another price decrease for oil on November 1. It has beenanticipated that the price of petrol might witness a reduction in the rangeof Rs15-20, while diesel prices could potentially drop by Rs10-16, as perinsider sources.
The reports also underscore the impact of the global decrease in oilprices, which has raised the likelihood of providing relief to consumers inPakistan.
The Oil and Gas Regulatory Authority has already prepared an initial draftof the proposal for reducing oil prices, though the final proposal isexpected to be presented on the last day of the month.
Notably, in October, the government had executed significant cuts in oilprices, with petrol prices experiencing a Rs 40 reduction from Rs 323.38 toRs 283.38 per liter. Similarly, the price of diesel had been slashed byRs15, going from Rs 318.18 to Rs 303.18 per liter.
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While the prices of light diesel and kerosene remained unchanged duringthe previous adjustment, there is potential for them to see alterations onNovember 1.