The Oil and Gas Regulatory Authority (OGRA) in Pakistan is currently engaged in discussions regarding potential adjustments to the prices of petroleum products, and an official announcement is expected on December 1st.
The focus of these deliberations is driven by a notable decrease in global oil prices, which is anticipated to have a substantial impact on the cost of petrol in Pakistan.
As of now, the recorded price of petrol in Pakistan stands at Rs281.34 per litre. Projections based on the current global oil market trends suggest a significant reduction of Rs7 per litre for petrol and Rs6 per litre for diesel in Pakistan. This potential decrease is attributed to the downward trend in international oil prices.
The final determination of petroleum product prices for the upcoming 15 days is contingent upon the approval of the caretaker Prime Minister, adding a layer of official consideration to the process.
On the global front, there has been a consistent dip in crude oil prices. Recent reports highlight that the price of Russian oil per barrel has fallen below the $60 mark. Interestingly, despite the European Union setting a limit of $60 per barrel for Russian oil, the market price has fallen below this stipulated threshold.
Examining specific market performances, the British Brent deal experienced a one percent decline, settling at $80.58 per barrel.
Simultaneously, the American West Texas Intermediate displayed a two percent decrease, reaching $75.54 per barrel. These international trends play a pivotal role in shaping the expected reductions in fuel prices for consumers in Pakistan.
The upcoming announcement on December 1st will be keenly awaited by the public, as it holds the potential for positive economic implications, providing relief to consumers amidst the global fluctuations in oil prices.