Petrol prices on the verge of easing as global crude oil rates slide

Sources privy to the development said that the Oil and Gas Regulatory Authority (OGRA) has prepared a preliminary draft for reducing the prices of petroleum products, with the final decision expected to be sent to the Petroleum Division on October 31.

This much-anticipated reduction comes in the backdrop of declining global crude oil prices, offering relief to Pakistani consumers.

The primary catalyst for this anticipated drop in fuel prices is the decreasing cost of crude oil in the global market. Recent reports suggest that tensions in the Middle East, which had been contributing to a surge in oil prices, have significantly subsided.

British crude oil prices have fallen below $90 per barrel, while American crude oil prices have dipped below $84 per barrel. These significant declines are attributed to diminished concerns regarding the supply of oil in the world market.

In alignment with these global trends, Pakistan is preparing to pass on the benefits of falling crude oil prices to its citizens.

Sources privy to the development said that there is a likelihood of substantial reductions in petroleum product prices effective from November 1.

The price of gasoline is expected to decrease by Rs 20 per liter, while the price of high-speed diesel is poised for a Rs 16 per liter cut.

Even light diesel oil and kerosene are expected to witness reduced prices, thus providing a much-needed financial respite for Pakistani households.

The caretaker government had already taken interim measures to alleviate the financial burden on the public, reducing the price of petrol by Rs 40 and diesel by Rs 15 per liter on October 16.

These steps were welcomed by the public, and the impending price reductions indicate the government's commitment to offering further relief to its citizens.