The federal government is likely to lower petrol prices by as much as Rs8.50 per litre, following a recent decline in global crude oil prices.
As per initial reports, petrol may become cheaper by Rs8.50 per litre, while high-speed diesel could see a reduction of Rs6.96 per litre.
Other fuel products are also expected to become more affordable — kerosene oil might go down by Rs7.47 per litre and light diesel oil by Rs7.21 per litre.
The Oil and Gas Regulatory Authority (OGRA) is set to submit its final recommendations to the government today. A formal announcement will follow after the Ministry of Finance consults with the Prime Minister.
However, government insiders suggest that the final rates could still be adjusted depending on any changes made to petroleum levies or existing taxes.
“Last month, the government had raised the petroleum levy rate but kept prices unchanged, offering relief in the form of reduced electricity rates instead.” some winter chill, easing the warmth of the afternoons.
Meteorologists warn that climate change has shortened winter this year, leading to unusually warm days and colder nights.
Lahore recorded a minimum temperature of 7°C today, with the maximum expected to reach 24°C.