The government on Monday decided to keep prices of petroleum products unchanged for the month of October.
According to a press release, the government has decided to maintain the prices of petroleum products at the current level to offset expected increase in the prices for the month of November 2019.
It is noteworthy that Oil and Gas Regulatory Authority (OGRA) had last week forwarded a summary to the Petroleum Division to reduce prices of POL products for the month of October.
As per the summary, the authority suggested Rs3.23 decrease in per liter price of high speed diesel, Rs2.55 in petrol and Rs2.41 in light diesel oil.
Whereas, it proposed Rs1.19 increase in per liter price of superior kerosene Oil.
According to a notification issued, the decision has been taken in light of the rise in petroleum prices in the international market.
The finance ministry’s notification said that the petroleum prices are expected to rise internationally from mid-December.
The trend of an increase in prices will continue until November, the notification read.
The existing prices of September will remain unchanged for the next month.
The OGRA had recommended a reduction in the fuel prices, with a proposal of a Rs2.55-a-litre cut in petrol.
Earlier, on Aug 31, the federal government had reduced the price of petrol by Rs4.59 per liter.
The prices of diesel and petrol were slashed by Rs5.33 and 4.59 a liter respectively.
Petrol and diesel are now being sold at Rs113.24 and 127.14 respectively.