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Petroleum prices may drop by Rs30

Islamabad: The Petroleum Division sources revealed on Friday, that as the global oil prices dropped, the prices of petroleum product prices in Pakistan may also reduce by up to Rs30.

The current price of petrol in the country is Rs224.8 per liter. And the current purchase price of petrol is $76 to $77 per barrel. Levy charges on petrol are Rs.50 per liter, while sales tax on all petroleum products remains zero.

The price revision of petroleum products is due on December 15. The sources in the Oil and Gas Regulatory Authority (OGRA) told that the authority will complete its proposal by December 15 and will forward the national fuel requirements to the Petroleum Division.

The premier and finance minister will then debate OGRA’s recommendations.

Earlier this week, Russia confirmed availability of 100,000 barrels per day crude oil supply to Pakistan. “Russia has confirmed the availability of 100,000 barrels per day of crude oil supply but has not confirmed the rate yet. It will be discussed in January,” a source in the petroleum ministry said adding that the visit was scheduled to take place on January 23, 2023.

Minister of State for Petroleum Musadik Malik, who led the Pakistan delegation to Moscow, told a news conference that Russia had confirmed the supply of petroleum products at a “discounted rate”. However, the state minister did not give any indication of the price.

Zahra Sikandar
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