Petrol price is likely to decrease by Rs3.29 per litre and diesel by Rs3.13 per litre, government sources say
ISLAMABAD: (UrduPoint/Pakistan Point News-Oct 29th, 2024) The petroleum prices are expected to drop in Pakistan from November 1.
Petrol price is likely to decrease by Rs3.29 per litre and diesel by Rs3.13 per litre, said the government sources.
The revised rates are expected to be effective for the next 15 days, driven by falling crude oil prices in the international market.
This potential price cut follows the government’s recent adjustment on October 16, when diesel prices were lowered by Rs304 per litre and petrol by Rs4.07 per litre.
Oil marketing companies (OMCs) raised concerns with the Oil and Gas Regulatory Authority (OGRA) chairman, highlighting substantial financial losses due to the recent pricing strategies. The Oil Companies Advisory Council (OCAC) reported that the government deviated from the standard pricing formula this time, maintaining reduced prices from mid-October. Consequently, the customs duty on diesel was slashed significantly, from Rs1516 to Rs13.26 per liter.
