Pakistan to Reduce Petroleum Prices by Up to PKR 9 from February 15

The Pakistani government is likely to reduce the prices of petroleum products by up to PKR 9 starting from February 15, following a decrease in global oil prices. According to media reports, the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the government proposing a significant price reduction for petroleum products.

Industry estimates suggest that the price of high-speed diesel could drop by PKR 9.11 per liter, while petrol may see a reduction of PKR 2.50 per liter. Similarly, kerosene oil could become cheaper by PKR 3.45 per liter, and light diesel is expected to decrease by PKR 5.60 per liter.

These price adjustments are tied to fluctuations in the global crude oil market. The government will review the summary provided by OGRA and make an official announcement regarding the reduction or increase in prices based on international oil market trends on February 15.

The final approval of the revised petroleum prices will be granted by Prime Minister Shehbaz Sharif, and the Ministry of Finance will issue an official notification, which will be effective for the next 15 days.