Petrol price in Pakistan expected to drop by Rs7 on Friday, December 1st

WEB DESK: Oil and Gas Regulatory Authority (OGRA) has initiated deliberations on adjustments to the prices of petroleum products, with an anticipated announcement scheduled for Friday, December 1st.

Due to a decrease in global oil prices, it is expected that petrol price in Pakistan will witness considerable reduction in cost in the ongoing week. Presently, the price of petrol in Pakistan is recorded at Rs281.34 per litre.

Projections indicate a potential decrease of Rs7 per litre for the price of petrol and Rs6 per litre for diesel in Pakistan.

The final determination of petroleum product prices for the upcoming 15 days is contingent upon the approval of the caretaker Prime Minister.

Global oil prices dip

Concurrently, a continued dip in crude oil prices has been observed in the international market. According to global media reports, the price of Russian oil per barrel has fallen below $60.

Read more: Interbank closing: Pakistani rupee drops vs dollar

Although the European Union has stipulated a limit of $60 per barrel for Russian oil, the market price has fallen below this fixed threshold.

Furthermore, in the global market, the British Brent deal experienced a one percent decline, settling at $80.58 per barrel, while the American West Texas Intermediate exhibited a two percent decrease, reaching $75.54 per barrel.