In Pakistan, diesel prices may be reduced by Rs15 and petrol prices by Rs5.

Petroleum product prices are expected to fall by up to Rs15 from October 1 due to a substantial drop in POL rates in overseas markets, industry insiders said on Tuesday.

According to estimations calculated by oil industry specialists, diesel prices may be reduced by Rs15 and petrol prices may be reduced by Rs5 during the next two weeks, according to sources.

They stated that the new price would be determined by the price of oil on foreign markets until September 29.”If the government chooses to keep the petroleum levy at the existing ratio, POL prices will fall,” they noted.

The government is required to collect a levy on petroleum goods under an agreement with the International Monetary Fund (IMF).According to a September 1 notification, the petroleum duty on petrol is Rs37.50 per litre and on diesel it is Rs7.50 per litre.

On September 21, the government raised the price of petrol from Rs235.98 to Rs237.43 while keeping the price of High-Speed Diesel (HSD) fixed at Rs247.43.Kerosene prices were decreased by Rs8.30 from Rs210.32 to Rs202.02, and light diesel oil prices were reduced by Rs4.26 from Rs201.54 to Rs197.28.