Follow on Google News
ISLAMABAD: Petrol prices in Pakistan could fall sharply in the next fortnightly fuel price review, with officials considering a reduction of Rs20 to Rs50 per litre following a decline in global oil prices.
According to reports, the Oil and Gas Regulatory Authority (OGRA) has prepared a summary outlining possible reductions in petroleum prices. The proposal will be sent to the federal government before a final decision is made.
Prime Minister Shehbaz Sharif is expected to approve the revised fuel prices, which are likely to be announced after the government’s scheduled price review.
Government officials have indicated that international oil markets have eased in recent days after geopolitical tensions in the Middle East showed signs of improvement. The softer global crude prices could provide room for another cut in domestic petroleum rates.
Senior government leader Rana Sanaullah also suggested that consumers may receive additional relief if international market conditions remain favourable. He said the government is closely monitoring fuel prices and has formed a committee to review petroleum pricing on a regular basis.
He also warned oil companies against creating any artificial shortage of petroleum products, saying strict action would be taken against businesses found manipulating supplies.
Meanwhile, the latest pricing mechanism has triggered concerns within Pakistan’s oil industry. Representatives of oil marketing companies and refineries have argued that recent calculations used for international premiums and benchmark prices did not accurately reflect market conditions.
Industry officials believe those calculations resulted in deeper price reductions than expected, particularly for high-speed diesel and petrol.
The government is expected to announce the revised petroleum prices after completing its review. If approved, the reduction would provide further relief to consumers already benefiting from the recent decline in fuel prices.
Stay Connected with Daily Aitadal
Get the latest business news, market insights, and economic updates
wherever you prefer.
Add Daily Aitadal to Preferred Sources and see more of our stories in Google Search and Top Stories.
