Petrol Prices in Pakistan Expected May See Significant Reduction From Next Fortnight

Due to a decline in global oil prices, there is anticipation of a significant reduction in the petrol prices in Pakistan from the next fortnight on December 1, 2023 and the Oil and Gas Regulatory Authority (OGRA) has already initiated discussions regarding adjustments to petroleum product prices.

Projections suggest a potential decrease of Rs. 7 per litre for petrol price in Pakistan, while a reduction of Rs. 6 per litre is expected for high-speed diesel (HSD).

The final determination of petroleum product prices for the next 15 days is subject to the approval of the caretaker Prime Minister.

Simultaneously, there has been a continuous decline in crude oil prices in the international market. Global media reports indicate that the price of Russian oil per barrel has fallen below $60. Despite the European Union setting a limit of $60 per barrel for Russian oil, the market price has dipped below this established threshold.

Additionally, in the global market, the British Brent deal experienced a one percent decline, settling at $80.58 per barrel, while the American West Texas Intermediate exhibited a two percent decrease, reaching $75.54 per barrel.