Petroleum Minister Ali Pervez Malik has given hope of possible good news on petrol and diesel prices within the next two days. He said this will happen if international oil prices stay stable.
Speaking to the media on Sunday, the minister explained that the Oil and Gas Regulatory Authority (OGRA) sets fuel prices in Pakistan. OGRA uses a seven-day average of global oil prices to decide the local rates. The final prices will depend on how the international market moves and on OGRA’s calculations.
Malik noted that oil remains expensive both worldwide and in Pakistan. He recalled the difficulties caused by the Iran-US tensions earlier this year, when neighbouring countries also faced fuel shortages.
For ordinary motorists and families who have been paying high fuel costs, any cut in prices would bring welcome relief. Current petrol price stands at Rs327.62 per litre and diesel at Rs380.86 per litre after a small reduction earlier this week. Consumers are now waiting for the next price review.
