Massive Reduction Expected in Petrol Price

Petrol prices in Pakistan are expected to decrease by Rs. 13 to Rs. 15 per litre in the coming days. This reduction comes as international oil prices continue their downward trend. The government is likely to announce significant cuts in petroleum product prices for the next fortnight. Along with the petrol price reduction, diesel costs may fall by up to Rs. 11 per litre. The Oil and Gas Regulatory Authority (OGRA) will submit a summary of proposed price adjustments to the prime minister. Following approval, the Finance Ministry will issue an official notification implementing the new rates. The anticipated price cut reflects broader movements in global markets, where oil prices declined for a second consecutive day on Tuesday. International traders are increasingly concerned about a potential US recession and the effects of tariffs on worldwide economic growth. Additionally, OPRA+ members are preparing to increase supply. By early Tuesday trading, Brent crude futures had slipped 6 cents (0.1%) to $69.22 per barrel. Meanwhile, US West Texas Intermediate crude futures decreased by 13 cents (0.2%), settling at $65.90 per barrel.