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Is Govt Cut Petrol Prices By Rs10-15 For Next Fortnight ?

KARACHI: The Government authorities are likely to cut down the petroleum products in the next fortnight review, the sources said on Friday.

The sources said that the Oil and Gas Regulatory Authority (OGRA) would meet soon to revise the petroleum prices from the next fortnight commencing from October 16, 2022.

They said that the price of petrol might be slashed by an estimated Rs10-15 per litre and that of diesel by Rs2 per litre if the government decides to pass on this rupee-dollar parity impact to the end consumers.

The dealers said that the rupee came down for the second straight session on Thursday as Dollar demand from importers outpaced greenback sales by exporters, who chose to sit on the sidelines in anticipation of range-bound trading in the local Currency going forward.

However, the sources pointed out that this facilitation could take some time due to International Monetary Fund’s (IMF) reservations over the petroleum subsidy as Pakistan had agreed with the lender of the last resort to gradually add Petroleum Development Levy (PDL) to the prices of fuels.

They added that the addition of PDL would offset the exchange rate impact