A major reduction in petroleum prices is expected from mid-February, with rates anticipated to decrease by up to PKR 9 per liter.
According to industry estimates, the price of high-speed diesel may drop by PKR 9.11 per liter, while petrol could see a reduction of PKR 2.50 per liter. Similarly, kerosene oil is expected to become PKR 3.45 per liter cheaper, and light diesel prices may decline by PKR 5.60 per liter.
The price adjustment is based on the fluctuations in global crude oil rates. The industry has submitted its working to the Oil and Gas Regulatory Authority (OGRA), which will finalize its recommendations in line with international market trends and send them to the government on February 15.
The final approval for the revised petroleum prices will be given by Prime Minister Shehbaz Sharif, and the Ministry of Finance will issue the official notification for the new rates, which will be effective for the next 15 days.
