ISLAMABAD (Kashmir English): The federal government is expected to reduce diesel and petrol prices by up to Rs11.50 per litre starting December 16, providing significant relief to consumers.
Sources said that the petrol price could see a slight reduction of Rs 0.36 per litre, while the diesel price will be lowered by Rs 11.50 per litre. Light diesel prices are likely to drop by Rs 10 per litre, and kerosene oil could be cheaper by Rs 11.70 per litre.
The Oil and Gas Regulatory Authority (OGRA) will submit its price summary on December 15 for approval. After the Prime Minister’s approval, the petroleum division will issue the new price notification.
If the proposed reductions are approved, the new petrol price will be Rs263.09 per litre, while the new high-speed diesel price will be Rs270.80 per litre.
Under the proposed revision, the price of kerosene will fall to Rs181.16 per litre, and light diesel will be priced at Rs153.76 per litre.
Earlier, it was reported that Oil marketing companies and dealers have submitted their profit details to the Economic Coordination Committee (ECC).
According to sources, oil marketing companies and dealers have told the ECC in the details given that in the current situation, their profit on petrol and diesel can increase by about Rs 2.40 per liter.
At present, the profit of oil marketing companies is Rs 7.87 per liter, while the commission of dealers is Rs 8.64 per liter.
The ECC has started considering a proposal to increase the profit of oil marketing companies and dealers from Rs 1.10 to Rs 1.28 per liter. After the approval of the committee and the ratification of the federal cabinet, these prices will be implemented for the public.
