A reduction in petroleum product prices is expected in Pakistan from January 16 following a decline in global crude oil prices, according to official sources.
Sources said petrol prices are likely to be reduced by up to Rs4.59 per litre, while high-speed diesel may see a cut of Rs2.70 per litre. The expected decrease reflects lower international oil prices and revised import cost calculations.
According to the proposed adjustments, the price of kerosene oil is expected to fall by Rs1.82 per litre, while light diesel oil may become cheaper by Rs2.08 per litre.
Sources confirmed that the Oil and Gas Regulatory Authority has completed its working on price revisions. OGRA is expected to forward its summary to the Petroleum Division on January 14.
The Petroleum Division, after consultations with the Ministry of Finance, will issue a notification announcing the revised prices. Final approval will rest with the federal government, which retains the authority to adjust levies before notifying the new rates.If approved, the revised prices will take effect from January 16 for the next fortnight.
