Petrol, diesel prices expected to drop from November 1

Petrol prices in Pakistan are likely to go down further from November 1 amid decline in global oil prices, ARY News reported on Monday quoting sources.

The fuel prices in the global market have decreased by $1.5 and $2.5 per barrel respectively in the last 15 days.

Keeping in view the current exchange rate and current tax rates, the government is likely to provide relief to masses by reducing the prices of petrol and HSD by Rs3 and Rs2.30 per liter, respectively.

In the global market, the price of petrol fell from $77.5 per barrel to $76 per barrel, while the price of HSD fell by $ 2.5 to $ 84 a barrel.

Earlier on October 15, the price of diesel was increased by Rs5 whereas the price of petrol remained unchanged at Rs247.03 till the end of ongoing month.

The prices of light diesel and Kerosene oil also remain unchanged.

Earlier, it emerged that the federal government of Pakistan was also mulling to increase the profit margin for oil companies by Rs1.35, raising it to Rs9.22 per litre. For petrol dealers, the proposed increase was Rs1.40, bringing their margin to Rs10.04 per litre.