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