Notification Issued for Reduction in Petroleum Product Prices
Islamabad (Qudrat Daily): OGRA has announced a change in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been reduced by Rs 1.65, while the price of diesel has been increased by 88 paisa per liter. The new price of petrol has been set at Rs 389.14 and the price of diesel at Rs 424.4.
The new prices will take effect from 12 midnight tonight. In view of the rising prices of petrol and diesel, after an increase in dealers’ margins, oil marketing companies have also demanded an immediate increase in their margins. The Oil Companies Advisory Council has written a letter to the Chairman of OGRA demanding that the decision to increase companies’ margins by Rs 1.22 per liter be implemented immediately.
According to the Council, no increase has been made in oil companies’ margins since September 2023, while in August, dealers’ margins were increased by Rs 1.34 per liter. The decision to increase companies’ margins is still awaiting implementation. The letter stated that since March 2026, oil companies’ price claims of Rs 66 billion have been pending, which is equivalent to the value of 5 imported cargoes of petrol.
The Oil Companies Advisory Council said that companies are under severe financial pressure, while the supply chain is already facing difficulties due to the tense situation in the region. Due to financial difficulties, if supply is affected, the responsibility will not lie with the oil companies. The Council has demanded that the process of verification of pending price claims be completed immediately and the dues be paid, and that an immediate meeting be held with the Chairman of OGRA to resolve the matter.
Furthermore, due to hopes that there will be no major disruption in oil supply from the Middle East, oil prices in the global market fell by about one percent for the third consecutive day; however, the price of crude oil is still above $100 per barrel. In early trading on Friday, the price of Brent crude fell by $1.01, or one percent, to $103.77 per barrel, while US West Texas Intermediate crude fell by $1.03 to $100.88 per barrel. The prices of both global benchmarks also fell by about one percent on Thursday. The main reason for the decline in oil prices in the market is the hope that alternative routes may be available for oil shipments from the Middle East, which could reduce pressure on global supply.
