Notification Issued on Revision of Petroleum Product Prices
ISLAMABAD (Qudrat Roznama): OGRA has announced a revision in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been increased by Rs1.20, while the price of diesel has been reduced by 17 paisas per litre.
The new price of petrol has been fixed at Rs393.86 and the price of high-speed diesel at Rs396.65.
The new prices will take effect from 12 midnight tonight.
On the other hand, according to a news agency, the country’s average daily crude oil production recorded a 2 percent decline on a weekly basis, while gas production remained almost stable. According to PPIS and industry data, during the week ending October 8, the country’s average daily crude oil production was recorded at 62,647 barrels, which is 2 percent lower than the previous week.
During the previous week, average daily crude oil production was recorded at 63,747 barrels. According to the data, during the week under review, the country’s average daily gas production was recorded at 2,992 MMCFD, which is almost equal to the previous week’s production of 2,999 MMCFD. According to the data, during the week ending October 8, Oil and Gas Development Company Limited (OGDCL)’s average daily crude oil production was recorded at 32,161 barrels, Pakistan Petroleum Limited (PPL)’s at 11,270 barrels, Mari Energies’ at 1,345 barrels, while Pakistan Oilfields Limited (POL)’s at 3,326 barrels.
Moreover, crude oil prices in the global market have once again increased. Due to ongoing tensions in the Middle East and risks to global oil supply, the attention of investors and traders is focused on the situation in the region. According to a foreign news agency, in early trading hours on Wednesday morning, the price of Brent crude rose by 89 cents, or 0.8 percent, to $106.58 per barrel, while US West Texas Intermediate (WTI) crude rose by 80 cents, or 0.9 percent, to $94.94 per barrel.
A day earlier, on Tuesday, the trend in oil prices in the global market was mixed. At the close of trading, the price of Brent crude fell by 0.9 percent, while the price of WTI rose by 0.4 percent.
