Global oil prices have dropped significantly, which is encouraging news for Pakistani customers who could soon enjoy large price reductions on gasoline and diesel starting on December 1.Petrol prices may decrease by 7 rupees per litre from tomorrow.
According to reports, the price per barrel of Russian oil has dropped below $60, which has raised hopes for a significant drop in petrol costs in Pakistan—possibly as low as Rs. 7 a liter. However, a 6 rupee drop in the price of a litre of diesel is possible.
If the reduction be approved, consumers who are struggling with high petrol prices could get a major relief as petrol prices drop to Rs. 274.34 per litre and diesel prices to Rs. 290 per litre.The drop in prices is due to the decline in the price of Russian oil per barrel, which directly affects Pakistan’s local fuel market.
In light of the changes in the global market, OGRA (Oil and Gas Regulatory Authority) has already started the process of modifying fuel pricing.As of right now, high-speed diesel (HSD) costs Rs. 296 per litre in Pakistan, while petrol costs Rs. 281.34 per litre.
It is crucial to note that the Prime Minister must ultimately approve these proposed fuel price increases. Following careful consideration of the proposal, the Minister will formally announce the revisions.If authorized, this action could provide a financial reprieve to people and businesses affected by the recent spike in fuel costs, thereby relieving the financial burden on the general population.