Petrol prices likely to fall from January 16 in Pakistan

Petrol and other fuel prices in Pakistan are expected to fall for a fourth consecutive time from January 16, ARY News reported on Tuesday, citing sources. 

As per details, petrol prices may be reduced by up to Rs4.59 per litre, while high-speed diesel is expected to become cheaper by up to Rs2.70 per litre.

Sources further indicate that kerosene oil could see a reduction of Rs1.82 per litre, whereas light diesel oil may be lowered by up to Rs2.08 per litre.

Officials said the initial working for a downward revision in petroleum product prices has been completed.

The Oil and Gas Regulatory Authority is scheduled to forward its price recommendations to the Petroleum Division on 15 January.

Following approval by the prime minister, the Petroleum Division will formally announce the revised petrol prices for consumers in Pakistan.

Earlier, in a New Year relief move, the government announced a reduction in petrol prices.

According to an official notification issued by the Petroleum Division in Islamabad, petrol prices were reduced by Rs10.28 per litre.

Following the cut, the new petrol prices was fixed at Rs253.17 per litre. The government said the decision was taken as part of its policy to pass on relief to consumers at the start of the New Year.

High-speed diesel prices have also been revised. The notification confirms a reduction of Rs8.57 per litre, bringing the new diesel rate to Rs257.08 per litre.