ISLAMABAD by SPECIAL COORESPODENT
Global crude oil prices have dropped significantly, reaching $66.69 per barrel, a level last seen in 2019. This decline has opened the door for a slight reduction in domestic petroleum product prices in Pakistan starting September 1, according to reliable sources.
Industry insiders suggest that for the next 15-day pricing cycle, the price of petrol is likely to decrease by Rs 0.61 per liter, while high-speed diesel (HSD) may see a Rs 3.13 per liter cut.
Furthermore, kerosene oil prices are expected to drop by Rs 1.57 per liter, and light diesel oil (LDO) by Rs 2.61 per liter, bringing relief to consumers amid ongoing inflationary pressures.
The Chairman of the Oil and Gas Regulatory Authority (OGRA) is expected to brief the federal government on the latest international pricing trends and will forward the regulatory body’s working to the Ministry of Petroleum late tonight. The ministry will then forward the recommendations to the Finance Division, which will finalize the new rates after consultation with the Prime Minister.
A formal notification of revised petroleum prices is expected to be issued following official approval.
It is worth noting that prior to this recent decline, global crude oil prices were hovering around $63 per barrel, further indicating the volatility in international energy markets.
As Pakistan continues to adjust its domestic prices in line with international trends, consumers remain hopeful that the coming months may bring further reductions, easing the financial burden on households and businesses alike.
