Following a decline in global oil prices, a significant reduction in petroleum product prices is expected in Pakistan, with petrol and diesel likely to become considerably cheaper.
According to officials, prices could drop by Rs78 to Rs100 per litre. Petrol is expected to decrease by Rs70 to Rs78 per litre, while high-speed diesel may see a reduction of Rs90 to Rs100 per litre.
Sources say the benefit of falling global oil prices will be passed directly on to the public.
For the determination of new prices, the Oil and Gas Regulatory Authority (OGRA) will prepare its working today.
The Petroleum Division will then consult with the prime minister before final approval is granted, after which the federal government will announce the revised prices.
Reports indicate that global oil prices had risen by around 17% over three days last week.
However, following the ceasefire between the United States and Iran, prices dropped by approximately 16%. A slight increase was also observed on the last day of the week.
