POL prices likely to drop for next fortnight

In a move anticipated to bring relief to the masses, the federal government is poised to cut petrol prices by Rs5 per litre effective January 16, 2024, reported the 24NewsHD TV channel.  

According to sources, the Oil and Gas Regulatory Authority (OGRA) has recommended a Rs 5 per litre decrease in the prices of petrol, Rs 2 in diesel, Kerosene oil by Rs 3 and LSD by Rs1.75 per litre on Jan 15 for the next fortnight, mainly due to lower prices in the global market.

Insiders of OGRA revealed that the finalization of the new petroleum, oil, and lubricants (POL) prices is scheduled for January 15.

This follows a period of stability in the fuel market, with the government maintaining unchanged prices for petrol and high-speed diesel (HSD) in the previous fortnight.

Attributing the decision to OGRA's recommendation, the government emphasized that it considered the international oil prices while making the call.

The proposed reduction in fuel prices aligns with OGRA's proactive approach to responding to global oil trends.

As of the first half of January 2024, the existing fuel prices in Pakistan stand at Rs267.34 per litre for petrol and Rs276.21 per litre for diesel.