Pakistan Set to Cut Petrol Prices by Rs6.10 a Litre From Oct. 16
Pakistan plans to reduce retail fuel prices from Oct. 16 following a marginal decline in global oil prices, according to people familiar with the matter.
The price of petrol is expected to fall by Rs6.10 per litre, while high-speed diesel may be lowered by 97 paisa, the people said, asking not to be identified before a formal announcement. Kerosene is likely to drop by Rs2.75 per litre and light diesel oil by Rs1.64 per litre.
The Oil and Gas Regulatory Authority (OGRA) has completed its calculations and submitted its recommendations to the Petroleum Division, which will forward them to the Ministry of Finance later Monday, the people said. The Finance Ministry, after consultation with the Prime Minister, will give final approval on Tuesday.
The adjustment, due to take effect at midnight on Oct. 16, comes as international crude prices ease and the rupee remains relatively stable. Any reduction will offer short-term relief to consumers facing elevated inflation and high transport costs.
Fuel prices in Pakistan are reviewed fortnightly and are heavily influenced by global market movements and exchange rate fluctuations.
