Fuel prices likely to drop from October 16 in Pakistan 

ISLAMABAD: Petroleum prices are expected to drop in Pakistan from October 16, ARY News reported on Tuesday, quoting well-placed sources.

According to sources, the petrol prices may be reduced by Rs6.10 per litre and high-speed diesel by Rs0.97 per litre.

The price of kerosene oil is likely to fall by Rs2.75 per litre, while light diesel oil may become cheaper by Rs1.64 per litre.

The initial price working has been prepared in view of trends in the international oil market. The Oil and Gas Regulatory Authority (OGRA) is expected to send its detailed price summary to the Petroleum Division tomorrow.

After reviewing the proposal, the Petroleum Division and the Ministry of Finance will forward their recommendations to the prime minister, who will give final approval for the price revision.

The new fuel prices will take effect from October 16, sources confirmed.

Read more: Goods transporters reject fuel price hike, announce 3% fare increase

On October 1, the federal government announced new petrol prices and diesel prices for the next fortnight.

According to a notification issued by the Ministry of Finance, the petrol price was raised by Rs4.07 per litre. Similarly, the price of high-speed diesel was jacked up by Rs4.04 per litre.

Earlier, the Oil and Gas Regulatory Authority (OGRA) announced a reduction in liquefied petroleum gas (LPG) prices for the month of October.

According to the notification, the price of a domestic LPG cylinder has been cut by Rs79.14, bringing the cost down from Rs2,527 to Rs2,448.