Expected Decrease in Petrol Prices in Pakistan Starting December 1st

The Oil and Gas Regulatory Authority (OGRA) in Pakistan is currently in talks regarding potential adjustments to petroleum product prices, with an official announcement anticipated on December 1st.

These discussions are fueled by a significant drop in global oil prices, expected to markedly impact petrol costs in Pakistan.

Presently, the recorded price of petrol in Pakistan is Rs281.34 per liter. Forecasts based on current global oil market trends indicate a substantial reduction of Rs7 per liter for petrol and Rs6 per liter for diesel in Pakistan. This potential decline is linked to the decreasing international oil prices.

The final determination of petroleum product prices for the next 15 days depends on the approval of the caretaker Prime Minister, adding an official layer to the process.

Globally, crude oil prices have consistently decreased. Recent reports emphasize that the price of Russian oil per barrel has dropped below $60, exceeding the predefined limit set by the European Union at $60 per barrel. It is noteworthy that the British Brent deal saw a one percent decrease, stabilizing at $80.58 per barrel, and concurrently, the American West Texas Intermediate exhibited a two percent drop, hitting $75.54 per barrel. These global trends play a substantial role in shaping anticipated decreases in fuel prices for consumers in Pakistan.

The eagerly awaited announcement on December 1st holds the potential for positive economic implications, offering relief to consumers amid the global fluctuations in oil prices.

Leave a Reply

Your email address will not be published. Required fields are marked *