Oil and Gas Regulatory Authority (OGRA) has sent the summary to Ministry of Energy which recommends a reduce petrol prices by Rs 5-10
After the approval from Ministry of Energy the summary will be then forwarded to the Finance Ministry for approval.
On the other hand, Brent crude dropped slightly to 0.17%, trading at $36.18. U.S’s West Texas Intermediate crude futures also lost about 0.35%, at $34.23 a barrel.
OPEC (Organization of Petroleum Exporting Countries) and significant oil producers including Russia, a group is also known as OPEC+, are decreasing their crude oil production by 10 million barrels per day in May-June to boost crude oil prices as measures to diminish relative weak demand for crude caused by the pandemic.
Crude oil prices and oil demand jumped over the past few months as a result of the pandemic.
However, with the lifting of global lockdowns and gradual reopening of global economies, oil prices are expected to rebound. Russia’s energy minister, Alexander Novak, said the global oil supply and the oil demand will most likely rebalance by July.
Current Fuel Prices in Pakistan are as follow:
|Fuel Type||Price Per Litre|
|High Speed Diesel||80.1/Ltr|
Petrol Rate In Pakistan
The (OGRA) Oil and Gas Regulatory Authority is the authority to regulate the operations of petroleum products and gas. It also regulate the Petrol Prices in Pakistan. The Petroleum Prices in Pakistan are changed on monthly basis due to the change in rate in international market. Petrol Rate in Pakistan depend on various factors which include; economic conditions, globally transformation in oil and gas, political instability and etc.
(OGRA) Oil and Gas Regulatory Authority recommends the federal government about the Petrol rates, light Speed Diesel, High Speed Diesel, and Kerosene oil. Apart from that the prices are determined as per the area or region.