Pakistan is likely to see a major drop in petrol prices in the coming days. Reports suggest a reduction of Rs. 13 to Rs. 15 per litre. Diesel prices may also decrease by up to Rs. 11 per litre.
This price cut follows a decline in global oil prices. The government is expected to announce new fuel rates for the next two weeks. The Oil and Gas Regulatory Authority (OGRA) will send a summary to the prime minister. After approval, the Finance Ministry will issue an official notification.
Also Read: Invest in Success – Commercial Plots Available in Lakeshore City
Global Oil Prices Falling
Oil prices in international markets have been dropping. On Tuesday, Brent crude futures slipped by 6 cents (0.1%), settling at $69.22 per barrel. US West Texas Intermediate (WTI) crude futures dropped by 13 cents (0.2%) to $65.90 per barrel.
Experts say traders are worried about a possible US recession. There are also concerns about new tariffs affecting the global economy. Additionally, OPEC+ members are planning to increase oil supply.
Impact on Pakistan
A drop in fuel prices will bring relief to consumers and businesses. Lower petrol and diesel costs can reduce transportation expenses and inflation.
The government is expected to finalize the new rates soon. If approved, the price cut will take effect in the next pricing cycle.
