ISLAMABAD: It is expected that the federal government will reduce the price of petrol by Rs5 per litre on January 16.

The Oil and Gas Regulatory Authority (OGRA) has proposed a decrease of Rs5 per litre for petrol, Rs2 for diesel, Rs3 for kerosene oil, and Rs1.75 for LSD.

The finalized adjustments to the Petroleum, Oil, and Lubricants (POL) prices, effective from January 16, 2024, will be determined on January 15, according to sources within OGRA.

During the previous fortnight, the government maintained the prices of petrol and high-speed diesel (HSD) without any changes.

The decision to lower the prices is in accordance with OGRA's recommendation, which takes into consideration the current international oil prices.

As of the first half of January 2024, the existing prices for petrol and diesel in Pakistan stand at Rs267.34 and Rs276.21 respectively.