ISLAMABAD: Due to the significant drop in global crude oil prices, petrol prices in Pakistan are expected to decrease in the upcoming fortnight review on July 31.

International reports indicate that crude oil prices have fallen nearly 2 percent to a six-week low due to rising expectations of a cease-fire in Gaza and concerns about increasing demand in China.

Meanwhile, the federal government is preparing to transfer the authority of setting petroleum prices from the state to oil marketing companies.

Insiders revealed that Prime Minister Shehbaz Sharif has instructed the cessation of the government’s role in determining petroleum prices. In response, Petroleum Minister Musadik Malik has convened a crucial meeting scheduled for tomorrow.

The government plans to gradually delegate pricing authority to oil marketing companies.

The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been tasked with evaluating the impacts of deregulating petroleum prices and developing a strategic framework. The final deregulation framework will be submitted to the prime minister for approval.

Sources suggest that petroleum dealers have opposed granting pricing authority to oil marketing companies, citing concerns about potential profiteering.

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