In a move that could bring relief to consumers, the Oil and Gas Regulatory Authority (Ogra) has reportedly initiated efforts to revise petroleum product prices, with the possibility of a significant reduction by up to 7 rupees per liter. This potential price adjustment expected to come into effect starting December 1st.
Global Market Influence:
Global market dynamics, characterized by a decline in crude oil prices, cited as a key factor contributing to this potential reduction in Pakistan’s petroleum prices. The international media reports a noteworthy decrease in the per barrel price of Russian oil, falling below the $60 mark. This reduction surpasses the limit of $60 per barrel set by the European Union for Russian oil.
Anticipated Changes:
If these trends persist, Pakistani consumers may see a decrease of 7 rupees per liter in petrol prices and 6 rupees per liter in diesel prices. The final confirmation of these adjustments for the upcoming 15 days expected to receive the approval of the Prime Minister.
Global Crude Oil Trends:
Further insights from the global market reveal a 1% reduction in British Brent crude prices, currently trading at $80.58 per barrel. Simultaneously, American West Texas Intermediate prices have experienced a 2% decrease, settling at $75.54 per barrel.
As global market fluctuations continue to influence petroleum prices, consumers in Pakistan remain hopeful for a significant reduction, providing some relief at the pump. The final announcement, pending the Prime Minister’s approval, will unveil the confirmed adjustments that could positively impact fuel costs in the coming weeks.
 has reportedly initiated efforts to revise petroleum product prices, with the possibility of a significant reduction by up to 7 rupees per liter. This potential price adjustment expected to come into effect starting December 1st.){kind=link}