A significant reduction in petroleum product prices is anticipated from mid-February, following an industry report submitted to the Oil and Gas Regulatory Authority (OGRA).
Key Factors Behind the Price Drop:
- Global Market Trends: The adjustment is based on fluctuations in global crude oil prices.
- Projected Price Reductions:
- High-speed diesel (HSD) may decrease by Rs. 9.11 per liter.
- Petrol prices could drop by Rs. 2.50 per liter.
- Kerosene oil might see a Rs. 3.45 per liter reduction.
- Light diesel oil (LDO) could become Rs. 5.60 per liter cheaper.
Read more: Petrol and Diesel Prices May Rise Soon
- Regulatory Process: OGRA will analyze international market trends and finalize its recommendations.
- Government Approval: The final decision rests with Prime Minister Shehbaz Sharif, after which the Ministry of Finance will issue an official notification.
- Consumer Impact: This reduction is expected to bring relief amid rising inflation.
The new prices, once approved, will be effective for 15 days starting February 15.
