The prices of petroleum products are likely to be reduced from October 1 in the upcoming fortnight’s review. The price of petrol is likely to ease by Rs15 per litre, high-speed diesel by Rs10 per litre and kerosene by Rs8 per litre, sources said.

The relief in the petroleum products’ prices is likely after a minister hinted at a decline in the petrol price over rupee appreciation. The final decision will be taken by Caretaker Prime Minister Anwaarul Haq Kakar in consultation with the ministry of finance.

Caretaker Information Minister Murtaza Solangi on September 23 said that the value of the dollar was brought down by taking effective measures. “Our government got the dollar cheaper by around Rs35, due to which we could spend less money to buy petrol,” he told reporters at Karachi Press Club.

It is pertinent to mention that the prices of petroleum products are at a record high in the country after the caretaker government increased petrol price by Rs26.02 per litre and high-speed diesel by Rs17.34 on September 15.

“Owning to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum prices,” said a finance ministry press release.

After the massive hike, the new rate of petrol is Rs331.38. The price of high-speed diesel now stands at Rs329.18.

Along with the hikes in the prices, the government has imposed a levy of Rs60 per litre on petrol while a levy of Rs50 per litre is being collected on diesel.