Major Cut in Petroleum Prices Expected Today Amid Global Oil Price Decline
ISLAMABAD: A significant reduction in petroleum product prices is expected in Pakistan today following a sharp decline in global crude oil prices.
According to reports, crude oil prices in the international market fell by as much as five percent on Monday. The Oil and Gas Regulatory Authority (OGRA) is expected to determine new petroleum prices later today in line with global market trends.
The drop in international oil prices has raised expectations of substantial relief for consumers across the country.
The anticipated reduction comes after petroleum prices witnessed record increases over the past week, with petrol becoming more expensive by Rs24 per litre and diesel by more than Rs60 per litre. The government had attributed those increases to rising global crude oil prices and higher import costs.
Meanwhile, oil marketing companies have expressed concerns over the proposed mechanism for daily revisions in petroleum product prices. They warned that frequent price changes could adversely affect business planning, stock management, and supply chain operations.
The companies have urged the government to consult all relevant stakeholders before implementing any changes to the petroleum pricing mechanism.
