Islamabad: Globally decreased price of crude oil is likely to result further reduction up to Rs 12 on major petroleum products from 1st January 2015 in Pakistan. For the past few months, the consistent reduction of crude oil price in the international market has caused the government of Pakistan to further decrease price on petroleum products; according to which: from January 1, 2015 Pakistani consumers are likely to enjoy a reduction of Rs 8 per litre in High Speed Diesel (HSD) price, Rs 12 in High Octane Blending Component (HOBC) price, Rs 6 per litre in Kerosene Oil (KO) price and Rs 6 per litre in Light Diesel Oil (LDO). However the ultimate decision will be taken on December 31, 2014 by the government of Pakistan.
Keeping in view the constant decrease in oil prices globally, the current rates have hit the lowest range of oil price of the past 5 years which has brought petrol price to the level of 2008.
It is expected that the petrol prices will land somewhere in the range of PKR 70 to PKR 75 per litre by 1st January 2015.