Petrol price expected to drop in next review

The Oil and Gas Regulatory Authority (OGRA) has submitted a summary to the federal government, proposing a reduction of Rs2.49 in the price of petrol for the next 15 days.

The decision to lower the prices follows a decrease in crude oil prices in the international market, with the government aiming to provide relief to the public, Express News reported.

If approved by the federal government, the price of petrol will be reduced from Rs254.64 to Rs257.13 per liter.

Additionally, the price of high-speed diesel is set to drop by Rs9.11, bringing the new price to Rs258.84 per liter from Rs267.85.

The price of kerosene oil will be reduced by Rs3.45 per liter, while light diesel will see a decrease of Rs5.60 per liter.

Earlier, the government announced a price hike for high-speed diesel (HSD) and petrol starting from February 1. HSD increased by Rs7 per litre, rising from Rs260.95 to Rs267.95. Petrol saw a Rs1 increase, going from Rs256.13 to Rs257.13 per litre.