The Oil and Gas Regulatory Authority (OGRA) in Pakistan is currently engaged in discussions concerning possible adjustments to petroleum product prices, with an official announcement expected on December 1st.
Driven by a significant decline in global oil prices, the focus of these discussions is on the potential impact on petrol costs in Pakistan. The current recorded price of petrol in the country is Rs281.34 per litre. Projections based on global oil market trends suggest a notable reduction of Rs7 per litre for petrol and Rs6 per litre for diesel in Pakistan. This potential decrease is linked to the downward trend in international oil prices.
The final decision on petroleum product prices for the next 15 days is subject to approval by the caretaker Prime Minister, adding an official layer to the process.
Globally, there has been a consistent drop in crude oil prices, with recent reports indicating that the price of Russian oil per barrel has fallen below the $60 mark. Despite the European Union setting a limit of $60 per barrel for Russian oil, the market price has gone below this threshold.
Analyzing specific market performances, the British Brent deal saw a one percent decline, settling at $80.58 per barrel. Concurrently, the American West Texas Intermediate displayed a two percent decrease, reaching $75.54 per barrel. These international trends are pivotal in shaping the anticipated reductions in fuel prices for Pakistani consumers.
The public is eagerly awaiting the December 1st announcement, as it holds the potential for positive economic implications, providing relief to consumers amidst the global fluctuations in oil prices.
