Petrol prices likely to reduce by Rs10 per litre

ISLAMABAD: Due to the decrease in oil prices in the global market, the price of petrol and diesel may decrease by Rs10 as Oil and Gas Regulatory Authority (OGRA) has started work on it.
OGRA will send two proposals related to petroleum products to the government.
The OGRA sources confirmed that following the global markets, petrol and diesel price reduction will be proposed and it may be cut by Rs10 per litre.
In case of increasing taxes, it will be suggested to maintain the prices of petroleum products (petrol and diesel) in the Pakistani market, the OGRA sources added.
OGRA will send the final price proposals for petroleum products to the government on August 30 and the Ministry of Finance will decide the prices of petroleum products on August 31 in consultation with the Prime Minister.
The new prices of petroleum products will be applicable from September 1, 2022.
It is worth mentioning that in the last month, there has been a downward trend in global crude oil prices as in the last 15 days, the prices of petroleum products remained at 90 dollars per barrel.
The price of crude oil in the global markets reached 100.99 dollars per barrel while the price of crude oil in the Brent Oil Market is $100.99 per barrel.
The price of crude oil in the WTI Market is 93.06 dollars per barrel. NNI