A significant reduction in petroleum prices is expected from February 16, bringing relief to consumers.

Prices could drop by up to Rs9 per litre due to global market trends.

According to industry sources, the price of high-speed diesel may decrease by Rs9.11 per litre, while petrol could see a reduction of Rs2.50 per litre.

Additionally, kerosene is likely to drop by Rs3.45 per litre, and light diesel may become cheaper by Rs5.60 per litre.

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The expected price cut aligns with the decline in global crude oil prices.

The industry has submitted its working to the Oil and Gas Regulatory Authority (OGRA), which will send its final recommendations to the government on February 15.

Prime Minister Shehbaz Sharif will give the final approval, after which the Finance Ministry will issue an official notification setting prices for the next 15 days.