Amidst a continuous decline in the international market and the strengthening of the local currency, the federal government of Pakistan is reportedly considering a further reduction in petrol prices for the upcoming month of November.

Notably, the Oil and Gas Regulatory Authority (OGRA) has initiated the preparation of a proposal for the reduction of prices for various petroleum products.

The final decision on the matter is slated to be made by the Petroleum Division, following consultations with the caretaker Prime Minister, Anwaarul Haq Kakar.

The revised prices are expected to be implemented starting on November 1, subject to the official announcement.

Current Petroleum Prices and Tax Structure

At present, the federal government of Pakistan imposes a levy of Rs 60 per liter on petrol and Rs 55 per liter on diesel, contributing to the existing pricing structure for petroleum products across the country.

These tax rates are part of the current pricing mechanism for petroleum products in Pakistan.

International Oil Market Trends

The global oil market has witnessed a decline in recent times, with British crude oil prices dropping below $90 per barrel and American crude oil prices falling below $84 per barrel.

This downward trend in the international market has contributed to the overall reduction in oil prices, prompting considerations for a corresponding decrease in petrol prices in Pakistan.

As the international market dynamics continue to evolve, the impact on the pricing of petroleum products in Pakistan remains subject to ongoing fluctuations and adjustments.

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