In Pakistan, we anticipate a significant reduction in petrol prices starting on November 1st. Global crude oil prices have dropped by $5 per barrel, and, with the Oil and Gas Regulatory Authority (OGRA) actively participating, consumers at the pump should see significant relief.
Global Oil Price Decrease
International media reports indicate a $5 decrease per barrel in global crude oil prices. This decrease is driving the potential for lower petroleum product prices in Pakistan.
Expected Price Reductions
As we enter the upcoming month, we expect that petrol prices in Pakistan could decrease by 15 to 20 Pakistani Rupees per liter. Similarly, we expect a decrease of 10 to 16 Pakistani Rupees per liter for high-speed diesel, which is widely used across the country. Furthermore, we anticipate decreases in the prices of light diesel oil and kerosene oil starting November 1st.
The Oil and Gas Regulatory Authority (OGRA) has proactively addressed the changing dynamics of oil prices. They have prepared an initial proposal for adjusting petroleum product prices in light of the decrease in global crude oil prices.
Price Adjustment Process
We will submit the proposed price reductions to the Petroleum Division by October 31st. Subsequently, we will forward these recommendations to the Ministry of Petroleum and the Ministry of Finance. The final decision on the prices will rest with the Prime Minister’s Advisor, Anwar ul Haq Kakar.
Recent Price Reductions
It is noteworthy that the reduction in petroleum prices is not an isolated incident. On October 16th, we reduced petrol prices by 40 Pakistani Rupees per liter, and we also cut diesel prices by 15 Rupees per liter. Consumers warmly welcomed this price adjustment, which offered relief from the rising cost of living.