Prices of petroleum products expected to go down by upto Rs10 per litre from September 1 primarily because of the decrease in international oil prices News reported quoting sources.
A well-placed source informed News that the Oil and Gas Regulatory Authority (OGRA) has in progress working on a proposal to decrease fuel prices in line with a drop in global oil prices.
According to sources, the regulator will send a summary to Prime Minister Shehbaz Sharif for cutting petrol and diesel price by Rs10 per litre correspondingly.
If permitted, the new prices will come into effect from September 1.
Previously, it emerged that Pakistan has guaranteed the International Monetary Fund (IMF) to gradually increase the levy on petroleum products up to Rs50 per litre.
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In the LOI, Pakistan has certain the international lender to regularly increase the levy on petroleum products to Rs50 per litre.
Previously, the federal government increased petrol price by Rs6.72 per litre for the rest of August 2022.