Petroleum prices likely to fall from Nov 1

Lahore: There is a possibility of a reduction in the prices of petroleum products in the country from next month.

According to media reports, the price of petrol is likely to reduce by Rs3.29 and diesel by Rs3.13 per liter which will be applicable for the next 15 days.

Earlier, the government had reduced IMEM by Rs304 per liter on diesel and Rs4.07 per liter on petrol from October 16, 2024.

The oil marketing companies had informed the Oil and Gas Regulatory Authority (OGRA) chairman about the huge financial loss in a letter.

The Oil Companies Advisory Council (OCAC) said that the government has deviated from the pricing formula this time and kept prices low since October 16. The custom duty on diesel has been reduced from Rs1,516 to Rs13.26 per litre.