Petrol prices are most likely to drop from 1st December. A summary has been sent by the government to the Oil and Gas Regulatory Authority (OGRA) to approved a PKR 2.9 decrease in the price of petroleum products.
High-speed diesel price is recommended to be decreased by Rs2.40 and the petrol price is suggested to be decreased by Rs0.25, according to the summary.
The price of Light diesel has been recommended to be decreased by Rs2.9 while the price of kerosene is suggested to be dropped by Rs0.83.
The finance ministry will consult the prime minister before making the final decision on it.
It is expected that the decision will be announced on November 30th. If the new prices are approved they will come into effect from Dec 1st.
Earlier, the PTI-government increased petrol prices by Rs 1 per litre for the month of November. Due to the changes in global crude oil prices, this decision was taken. Oil and Gas Regulatory Authority (Ogra) suggested an increase in petrol and high-speed diesel prices by Re1 per litre and Rs0.27 per litre respectively.