Fuel prices likely to fall in Pakistan

ISLAMABAD: Petrol and diesel prices in Pakistan are likely to go down in the upcoming fortnightly review as global oil prices continue their downward trend, ARY News reported on Tuesday, citing sources.

Brent crude futures dipped 10 cents, or 0.11%, to $88.30 a barrel at 0423 GMT, while U.S. West Texas Intermediate crude futures slipped 13 cents, or 0.16%, to $82.50 a barrel.

The front-month contract of both benchmarks lost more than 1% on Monday.

Following the global trend, the petrol price likely to go down by Rs5.4/ litre in the domestic market. Similarly, the price of diesel may fall by Rs8 per litre for consumers in the Pakistani market.

The rates of Kerosene and light diesel are also likely to fall by Rs8.3 per litre and Rs5.40 per litre, respectively.

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The Oil and Gas Regulatory Authority (OGRA) will forward a summary to the finance ministry and the final decision will be taken today with the consultation of PM Shehbaz Sharif.

During the last review, the federal government increased the petrol price by Rs 4.53 per liter, and the price of diesel by Rs 8.14 per liter.

The petrol was currently being sold at Rs293.94 per liter while the High-Speed Diesel was available at Rs 290.38 per liter.