Responding to recent speculations surrounding potential fluctuations in petroleum product prices, the Oil and Gas Regulatory Authority (OGRA) has issued a report categorizing such speculations as “premature” and potentially disruptive to the smooth operation of the oil supply chain.
OGRA has called upon stakeholders and the public to refrain from engaging in speculative discussions regarding petroleum product prices, emphasizing that the official announcement is still a week away. A spokesperson for OGRA emphasized the intricate connection between petroleum product prices and global market dynamics, as well as exchange rates.
Recent days have witnessed a global increase in petroleum prices, but at the same time, there has been an improvement in the dollar-to-rupee exchange rate. These interlinked factors make it important to exercise caution when making premature predictions about impending price adjustments.
In the international market, today’s trading saw Brent crude oil rise by 32 cents to reach $93.59 per barrel, while US West Texas Intermediate crude oil increased by 24 cents, reaching $90.27 per barrel.
It’s noteworthy that the caretaker Minister of Commerce, Gohar Ejaz, had hinted at the possibility of a reduction in petroleum product prices starting October 1 during a media talk in Karachi on September 23. Ejaz specifically mentioned the potential for a decrease in the price of petrol.
