Breaking News: Pakistan’s Recent Petrol and Diesel Price Changes
The Oil and Gas Regulatory Authority (Ogra) issued a statement on Monday, urging against indulging in speculations about petroleum prices, as such speculations can disrupt the seamless operation of the oil supply chain within the country.
This statement was prompted by recent claims made by caretaker federal ministers, who suggested that petroleum prices might see a reduction in the upcoming fortnightly review on October 1. Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi had pointed out that petroleum prices could decrease due to the strengthening of the Pakistani rupee against the US dollar.
In response to these assertions, Ogra emphasized the need to refrain from engaging in speculations concerning petroleum product prices. The authority clarified that petroleum prices in Pakistan are predominantly influenced by international market prices and the exchange rate between the US dollar and the Pakistani rupee.
Ogra noted that the international market has experienced an increase in petroleum and oil prices, whereas the dollar has depreciated against the rupee in Pakistan. However, Ogra underscored that there is still one week left before the announcement of the new prices.
Consequently, Ogra emphasized that any speculation regarding price hikes or reductions during this period is highly speculative and has the potential to disrupt the efficient functioning of the oil supply chain.
As of now, petrol and diesel prices in Pakistan currently stand at Rs331.38 and Rs329.18, respectively.