ISLAMABAD: Prices of petroleum products are likely to be reduced substantially on Friday as a result of a plunge in international market during October.

Crude prices in the international market fell below $86 per barrel during the month from $98 per barrel at the end of September and $104 at the end of August.

An official said the Oil and Gas Regulatory Authority had worked out estimated reduction and forwarded it to the ministries of petroleum and finance.

Also read: Oil prices reduced by 1.3 per cent

According to Ogra’s estimates, the ex-depot price of petrol will decline by Rs9.82 per litre — from Rs103.62 to Rs93.80 (9.47per cent). The price of high speed diesel may be reduced by Rs7.17 per litre to Rs100.22 from Rs107.39 (6.67pc).

Likewise, kerosene price will drop by Rs7.62 per litre to Rs88.06 from Rs95.68 (8pc).

The price of high octane blending component is estimated to come down by Rs14 to Rs117.13 from Rs131.13 per litre (10.67pc). The light diesel oil will be cheaper by Rs8.37 per litre to Rs83.04 from Rs91.41 (9.15pc).

Published in Dawn, October 30th, 2014