Another major drop in petroleum product prices is likely

Another major drop in petroleum product prices is likely

Due to the drop in the price of crude oil by 5 dollars in the world market, there is a possibility of a big drop in the prices of petroleum products in Pakistan as well. Photo file

ISLAMABAD: It is anticipated that petroleum product prices would decline once more starting on November 1.

Foreign media reports claim that the price of crude oil has dropped by $5 per barrel on the global market, which could lead to a significant drop in the cost of petroleum goods in Pakistan starting on November 1.

Next month, there will probably be a 15–20 rupee drop in the price of gasoline and a 10–16 rupee drop in the price of high-speed diesel per liter.

Sources claim that starting on November 1, kerosene and light diesel oil will also be less expensive. Ogra has created a draft of the rates for petroleum products.

According to sources, the final summary of price reduction of petroleum products will be sent to the Petroleum Division on October 31.

The petroleum ministry and the finance ministry will alternately send the summaries to the prime minister, after which caretaker prime minister Anwarul Haq Kakar will decide on the final prices.

It is important to remember that on October 16, diesel and gasoline prices were lowered by Rs. 15 and Rs. 40 per liter, respectively.