The government is likely to decrease the petrol and diesel prices for the first fortnight of October 2023.

The expected decline in petroleum prices is being attributed to significant rupee appreciation against the US dollar in interbank and open markets.

The expected drop in fuel prices also stemms from a cut in its international price from $101 to $99 per barrel. Inflation will also drop as petrol is used in private transport.

Reports said the Oil and Gas Regulatory Authority (Ogra) has sent a summary to the caretaker government for final approval. Prime Minister Anwaarul Haq Kakar will take the final decision after consultation with his cabinet members.

The prices of petrol and high-speed diesel (HSD) are likely to be slashed by up to Rs20 per litre. If approved, the price of petrol will hover around Rs310-320, while diesel will plunge between Rs315-320.