ISLAMABAD (Kashmir English): The federal government is expected to decrease petrol and diesel prices in the upcoming weekly review today after the continuous decline in crude oil prices globally following the deal between the US and Iran and the reopening of the Strait of Hormuz.
According to media reports, the Oil and Gas Regulatory Authority (OGRA) has prepared a summary regarding revised petroleum prices, with a possible reduction ranging from Rs20 to Rs50 per litre under consideration.
However, the final notification will be issued by the Petrol Division following approval from the Prime Minister.
The development comes a day after Prime Minister’s Adviser Rana Sanaullah indicated that petroleum prices could decline further if the downward trend in international oil markets continues.
Talking with a private new channel, he said that Prime Minister Shehbaz Sharif has constituted a special committee to review petroleum pricing and assess the scope for further reductions.
Last week, the government reduced the petrol price by up to Rs 74.28 per liter and the high-speed diesel (HSD) by Rs 67.31 per liter. With the reduction, petrol came down from Rs 373.78 to Rs 299.50 per liter, and diesel from Rs 378.78 to Rs 311.47 per liter, the notification stated.
Crude oil price declines again
Crude oil prices declined again by two per cent on Friday and were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday, Reuters reported.
Brent crude futures fell $1.50, or 1.99pc, to $73.76 a barrel as of 0649 GMT, while US West Texas Intermediate fell $1.49, or 2.07pc, to $70.43 a barrel.
Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a nearly four-month halt, shipping data from LSEG showed.
Two Very Large Crude Carriers (VLCC) were seen loading crude at the terminal, while another waited nearby, the data showed. Each VLCC is capable of loading two million barrels of oil.
