Petrol, diesel prices likely to register historic decrease of Rs50-70 per liter

ISLAMABAD (92 News) – After decline in oil prices in the global market, industry sources said that the petrol prices is likely decrease and possibility of Rs50 to Rs70 per liter. Ministry of Petroleum and OGRA officials are consulting about the reduction of petrol prices after price cut in global market. World market observed record fall in oil prices. Following the global impact, petroleum products are likely to be decreased in Pakistan. According to sources, petrol prices in Pakistan can be between Rs50 and Rs70 per liter. However, there is a possibility of Rs20 per liter tax and levy. According to market sources, the price of petrol should be less than Rs50, but in view of the deficits, the price of petrol per liter in Pakistan will remain above Rs50. Sources also stated that the Ministry of Petroleum and OGRA officials have started consultations. A new formula for changing prices may be emerged at any time. The basis of the formula will be tax, levy and supply price. On the other hand, sources are also saying that Pakistan has to solve the problem of storage to get cheap oil. It is pertinent to mention here that the price of petroleum products is expected to drop by Rs 31 liter from next month. Petrol price can be reduced by Rs 22 and diesel by Rs 31 per liter. Industry sources said that due to the decline in oil prices in the global market, the petrol price in country will also decline.