ISLAMABAD: The federal government is likely to reduce prices of petroleum products by up to Rs3.50 a litre from 1st November.
According to sources, Oil and Gas Regulatory Authority is expected to recommend a cut in response to a drop in global crude oil prices.
Sources say that petrol price will come down by Rs3/litre, kerosene oil by Rs1.20/litre, light diesel by Rs0.50 paisas and high octane by Rs3.50 a litre.
The regulatory authority will finalize the summary of new prices by October 29. The new prices, once approved by the Ministry of Petroleum, will be effective from 1st November for a period of one month.
It is worth mentioning that the government has increased the prices of petroleum products by up to Rs15/litre over the last five months.