The federal government made an announcement this past Sunday regarding adjustments to the prices of diesel and kerosene oil, opting to keep petrol prices unchanged for the forthcoming 15 days.
The notification revealed that while petrol prices remain stable, there has been a noticeable cut in diesel prices by Rs3 per litre. Furthermore, kerosene oil prices have been lowered by Rs1.46.
Examining the revised prices post-notification: petrol maintains its position at 264.61 per litre, unchanged. Diesel now stands at Rs269.99 per litre, post reduction.
The price of light diesel oil has been downward adjusted to Rs159.76 after a Rs2.40 cut. Kerosene oil has decreased by Rs1.46, setting the new rate at Rs176.81.
Initially, expectations were set for a slight reduction in petroleum prices, aligned with a global downward trend.
Early estimates suggested a potential drop in petrol costs by about 61 paisa per litre, while high-speed diesel might exhibit a more substantial reduction of Rs3.13 per litre.
Moreover, kerosene oil was projected to become less expensive by Rs1.57 per litre, with light diesel oil forecasted to drop by Rs2.61 per litre.
As of now, the Oil and Gas Regulatory Authority (OGRA) is in the process of finalising the summary to be sent to the Ministry of Petroleum, which will subsequently submit recommendations to the Finance Division.
Internationally, oil prices experienced a decline on Friday, with traders anticipating reduced demand in the United States, the world’s largest oil market, and a predicted autumn supply increase from OPEC and its allies.