Petroleum prices are expected to witness a notable reduction across Pakistan starting October 16, for the next fortnightly review.

According to official sources, petrol prices may be slashed by Rs6.10 per litre, bringing the new price down to Rs262.58 from the current Rs268.68 per litre.

Similarly, the price of high-speed diesel is expected to decline by Rs1 per litre, reaching Rs275.84 from Rs276.81 per litre.

The price of kerosene oil may drop by Rs2.75 per litre, while light diesel oil could become cheaper by Rs1.64 per litre.

Sources said the initial price calculations have been prepared based on recent trends in the international oil market, where global crude prices have seen a downward trajectory.

The Oil and Gas Regulatory Authority (OGRA) is expected to forward its detailed price summary to the Petroleum Division tomorrow.

Following a review, the Petroleum Division and the Ministry of Finance will send their recommendations to the prime minister, who will give final approval for the revised petroleum prices.

The new fuel prices will take effect from October 16, sources confirmed.

On October 1, the federal government announced new petrol prices and diesel prices for the next fortnight.

According to a notification issued by the Ministry of Finance, the petrol price was raised by Rs4.07 per litre.

Similarly, the price of high-speed diesel was jacked up by Rs4.04 per litre.