The federal government is expected to reduce petroleum product prices by up to Rs8.50 per litre following a drop in global crude oil rates.

According to reports, the price of petrol could decrease by Rs8.50 per litre, while high-speed diesel is likely to drop by Rs6.96 per litre.

Other petroleum products are also expected to see price cuts, with kerosene oil likely to fall by Rs7.47 per litre, and light diesel oil by Rs7.21 per litre.

OGRA’s final proposals will be sent to the government today, after which the Ministry of Finance will issue a formal notification following consultations with the Prime Minister.

Government sources indicate that authorities could exercise their discretion to adjust proposed rates by modifying petroleum levies or taxes.

Last month, the government had raised the petroleum levy rate but kept prices unchanged, offering relief in the form of reduced electricity rates instead.