Prices of petroleum products likely to plunge

Islamabad: A major reduction in the prices of petroleum products is expected in the country from October 16.

According to media reports, the price of petrol is likely to be reduced by Rs6.10 per liter and the price of high-speed diesel by Rs0.97 per liter from October 16.

Moreover, the price of kerosene is expected to be reduced by Rs2.75 per liter and light diesel oil by Rs1.64 per liter.

A summary regarding the prices of petroleum products has been sent to OGRA. OGRA will send the summary of the changes in petroleum products to the Ministry of Finance through the Petroleum Division this evening. The final approval of the changes in prices will be given tomorrow after consultation with the Prime Minister.

It is pertinent to note that a significant decrease in crude oil prices has been recorded in the global market. After a decrease of $2.45 in the price of British crude oil, the per barrel price decreased from $65.35 to $62.77, which recorded a decrease of 3.76 percent.

On the other hand, the price of US crude oil has also decreased by $2.56, after which the price per barrel decreased from $61.78 to $58.95.