The price of petroleum products are likely to decrease from December 1, as the Oil and Gas Regulatory Authority (Ogra) has sent a summary of price reduction to the Petroleum Ministry.
Under the summary, the regulator has proposed to reduce the price of petrol by 25 paisas. Meanwhile, the rate of diesel is expected to be reduced by Rs2.40, the price of light diesel oil is suggested to be declined by Rs2.90 per liter and the rate of kerosene is expected to drop by 83 paisas per liter.
After the price reduction, the rate of petrol would be Rs113.99, whereas, the rate of diesel would be Rs125.01 and the price of kerosene will be Rs96.35 per liter.
If approved, new rates will be applicable starting December 1.
Last month, the Ministry of Finance notified change in oil and petroleum prices, after which the price of petrol was increased by Rs1 and high speed diesel by Rs0.27. Similarly, the price of light diesel was decreased by Rs6.56 and that of kerosene by Rs2.39.
Since July 2019, Pakistan started receiving monthly oil supplies worth $275 million from Saudi Arabia on deferred payments. Under the arrangement, Pakistan will get the oil credit facility to the tune of $9.9 billion over three years.