ISLAMABAD – Pakistan may witness another reduction in petroleum product prices as global crude oil prices continue their downward trend.
According to available information, the Oil and Gas Regulatory Authority (OGRA) has prepared a summary proposing a possible reduction of Rs20 to Rs50 per litre in petroleum prices. The final decision will be made by the prime minister.
Prime Minister’s Adviser Rana Sanaullah had also indicated a day earlier that fuel prices were expected to decline further.
The expected reduction follows a major cut announced last week, when petroleum product prices were reduced by up to Rs74 per litre.
The anticipated price adjustment comes amid continued weakness in international oil markets. London Brent crude fell by 2.08% to $73.77 per barrel, while West Texas Intermediate (WTI) crude declined 2.05% to $77.44 per barrel, supporting expectations of lower domestic fuel prices in Pakistan.
