From December 1, the prices of petroleum products in Pakistan could see a substantial reduction, possibly up to 7 rupees per liter. According to sources, OGRA (Oil and Gas Regulatory Authority) has initiated a review of petroleum product prices, considering the fluctuations in global markets. The expected decrease in prices is a response to the recent drop in international oil prices, reflecting a potential relief for consumers in Pakistan.
The decision to initiate a review of petroleum product prices was prompted by significant fluctuations in global oil prices. As per reports, OGRA has started working on recalibrating fuel prices, taking into account the recent changes in the global market. The anticipation of a substantial reduction, up to 7 rupees per liter for petrol and 6 rupees per liter for diesel, comes in the wake of a decline in international oil prices.
The global market has witnessed a notable decrease in crude oil prices, contributing to the possibility of reduced fuel prices in Pakistan. The per-barrel price of Russian oil, according to international media, has fallen below the 60-dollar mark. This drop in crude oil prices on the global stage has set the stage for a potential alleviation of financial burden on consumers in Pakistan.
While the recalibration of fuel prices has been initiated, the final announcement for the next 15 days will be made after receiving approval from the Prime Minister’s Office. The move is seen as a response to the broader economic landscape, aiming to provide relief to the public amidst ongoing economic challenges.
The decline in global crude oil prices is a positive development for oil-importing nations like Pakistan, as it could lead to a reduction in import bills and, subsequently, lower fuel prices domestically. The potential decrease in fuel prices aligns with the government’s efforts to ease the economic burden on the public and stimulate economic activities.
As the Oil and Gas Regulatory Authority awaits the Prime Minister’s approval for the final announcement, the prospect of lower fuel prices in Pakistan from December 1 brings a ray of hope for consumers and businesses alike, offering potential relief in the face of economic uncertainties.