Petrol and other fuel prices in Pakistan are likely to drop for the fourth time in a row from January 16, as reported on Tuesday, quoting sources.
According to the details, petrol prices may be cut by up to Rs4.59 per litre, while high speed diesel is expected to become cheaper by as much as Rs2.70 per litre.
Sources also said that kerosene oil could see a reduction of Rs1.82 per litre, whereas light diesel oil may be lowered by up to Rs2.08 per litre.
Officials stated that the initial work for a downward revision in petroleum product prices has been completed.
The Oil and Gas Regulatory Authority is set to send its price recommendations to the Petroleum Division on January 15.
Following approval by the Prime Minister, the Petroleum Division will formally announce the revised fuel prices for consumers nationwide.
Earlier, as part of New Year relief, the government announced a reduction in petrol prices.
An official notification issued by the Petroleum Division in Islamabad stated that petrol prices were reduced by Rs10.28 per litre.
Following the reduction, the new petrol rate was fixed at Rs253.17 per litre. The government said the move was made to pass on relief to consumers at the start of the New Year.
High speed diesel prices were also revised. The notification confirmed a cut of Rs8.57 per litre, bringing the new diesel price to Rs257.08 per litre.