The prices of petroleum products are likely to come down up to Rs15 from October 1 due to a sharp decline in rates of POL in international markets, sources said on Tuesday.
Industry sources said the Oil and Gas Regulatory Authority (Ogra) has started working in proportion to the prices of petroleum products in the global market.
The prices of petrol are likely to drop by Rs9 in the initial working and the high-speed diesel (HSD) price is likely to be slashed by Rs18.
The Ogra will send the final summary within three days, sources said adding that the government is likely to give a big relief to the people from October 1.
Read Oil import, consumption rise
A final decision in this regard will be taken by Prime Minister Shehbaz Sharif in consultation with the finance minister.
Ishaq Dar, who has been nominated as the new financial czar, is in strong favour of providing relief to the people by reducing the prices of petroleum products, sources in the petroleum ministry said.
The government increased the price of petrol from Rs235.98 to Rs237.43 on September 21 but kept the price of High-Speed Diesel (HSD) unchanged at Rs247.43.The price of kerosene was slashed by Rs8.30 from Rs210.32 to Rs202.02 and the price of light diesel oil was reduced by Rs 4.26 from Rs201.54 to Rs197.28.
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