The Minister informed senate that consumers will get relief in prices in view of prevailing trend in the international market.
According to Jam Kamal Khan price of crude oil is continuously decreasing in the international market and it is likely to decrease further up to $83 per barrel in the current month.
“The benefits will be passed on the consumers from November 01, 2014 with a rationalized pricing formula based on average decrease of the month of October”, he added.
Earlier, sources in the Oil and Gas Regulatory Authority (OGRA) told that it is proposed to reduce petrol rates by Rs 3.95 and high octane blending component by Rs 5.
In a summary sent to the Ogra, decrease of Rs 2.70 in high speed diesel is proposed followed by Rs 3 reduction in light diesel.
Similarly, reduction of Rs 3 is also expected in the rates of kerosene oil.
Currently the petroleum price stood as follows, High Octane Bleeding Component (HOBC) at 127.78, Petrol at 103.62, High Speed Diesel (HSD) at 107.39, Light Speed Diesel (LDO) at 91.41 and Kerosine Oil at 95.68.