The Oil and Gas Regulatory Authority (OGRA) in Pakistan is talking about changing fuel prices, and they plan to announce the decision on December 1st. This discussion is happening because the cost of oil worldwide has gone down, and it might make petrol cheaper in Pakistan.
Right now, the price of petrol in Pakistan is around Rs 281.34 per litre. They think the price might go down by about Rs 7 for petrol and Rs 6 for diesel because oil prices globally are decreasing.
But before they decide, the caretaker Prime Minister needs to approve this change.
Around the world, the cost of oil has been going down. Reports say Russian oil is now less than $60 per barrel, even though the European Union said it shouldn’t go below $60.
Looking at specific markets, the British Brent deal went down by one percent to $80.58 per barrel. At the same time, the American West Texas Intermediate dropped by two percent to $75.54 per barrel. These global changes are what might make fuel prices cheaper for people in Pakistan.
People are waiting for the December 1st announcement because it could mean good news for them. Cheaper fuel might help them financially, especially with how oil prices are changing worldwide.
