In a move aimed at providing relief to consumers, the Pakistan government has announced a petrol price reduction of Rs. 10 per litre. Read more.
This decision comes following a proposal by the Oil and Gas Regulatory Authority (OGRA) to decrease the prices of petroleum products.
Express Tribune reported that the price of petrol is expected to decline from Rs. 7 to Rs. 10 per litre, while the price of diesel is proposed to be reduced by Rs. 8 per litre. OGRA has already submitted a summary outlining the proposed reduction to the government.
The finance minister will consult with the prime minister regarding these recommendations. The final decision on the prices of petroleum products will be made on Monday. Subsequently, the new prices will come into effect after midnight on May 15 and remain applicable for the next 15 days.
It is worth mentioning that the recent fluctuation in the Brent oil market saw the price of crude oil reach as high as $77.44 per barrel over the past 14 days. However, the Pakistani government’s decision to reduce petrol prices will help mitigate the impact of these global market dynamics, providing much-needed relief to the general public.