ISLAMABAD: The price of petroleum products is likely to drop from November 01 following decline in international oil prices.
According to official sources, there is a possibility of reduction in the price of petrol by Rs 3.29 and in diesel by Rs 3.13 per liter which will be applicable for the next 15 days.
The fuel prices in the global market have decreased by $1.5 and $2.5 per barrel respectively in the last 15 days.
Earlier, the government had reduced IMEM by Rs 304 per liter on diesel and Rs 4.07 per liter on petrol from October 16, 2024.
The oil marketing companies had informed the Oil & Gas Regulatory Authority chairman about the huge financial loss in a letter.
The Oil Companies Advisory Council (OCAC) said that the government has deviated from the pricing formula this time and kept prices low since October 16. The custom duty on diesel has been reduced from Rs 1516 to Rs 13.26 per litre.
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Earlier, federal government on Tuesday kept the price of petrol unchanged but raised the cost of high-speed diesel (HSD) by Rs5 per litre for the next two weeks, following global oil price trends. The new rates took effect on September 16, according to an official notification.
A statement from the Finance Division explained that the Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices for petroleum products based on international market fluctuations.
