The Oil and Gas Regulatory Authority (OGRA) has finalized a summary proposing a reduction in petrol and diesel prices in Pakistan, which is likely to bring some relief to consumers amid ongoing economic challenges. Sources indicate that the summary will be submitted to the Petroleum Division on July 31 for review and further action.
As per the proposed summary, the price of petrol may be reduced by Rs9.07 per litre, while high-speed diesel could see a cut of Rs3.73 per litre. These proposed reductions come in light of recent shifts in international oil prices and adjustments in import costs, which typically influence domestic fuel pricing every fortnight.
However, not all petroleum products are set to become cheaper. The summary also outlines potential price increases for other fuels. Kerosene oil, often used in rural households for lighting and cooking, could go up by Rs3.55 per litre. Similarly, light diesel oil, primarily used in the transport and industrial sectors, may increase by Rs2.33 per litre.
The final decision regarding these proposed changes rests with Prime Minister Shehbaz Sharif, who is expected to review OGRA’s recommendations in consultation with the Petroleum Division. If approved, the new prices will be officially notified and implemented across the country starting August 1.
Petroleum pricing adjustments in Pakistan are typically made on a bi-monthly basis, taking into account global oil market trends, exchange rate fluctuations, and tax structures. With inflation still exerting pressure on households and industries alike, any downward revision in major fuel prices, especially petrol and diesel, is likely to be welcomed by the public and transport sector.
The upcoming decision will be closely monitored by stakeholders, as it directly affects transportation costs, commodity pricing, and the broader inflation trajectory in the country.
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