OGRA to set petrol prices depends on international market

• The OGRA spokeperson addressed the speculation on the prices of petroleum.
• The price of petroleum has gone up internationally in recent times.
• The new prices are expected to be announced after a week.

The spokesperson of the Oil and Gas Regulatory Authority (OGRA) broke silence about the speculation on the prices of petroleum. On Monday, Bol News reported While addressing the media, the spokesperson said that the prices of petroleum products in the country mainly depend on international market prices and the dollar exchange rate.

Additionally, in recent times, we have seen an increase in the prices of petroleum products internationally.

However, the dollar-to-rupee exchange rate has improved after raids on dollar smugglers.

Moreover, there is still a week left for the announcement of the new prices. Therefore, no speculation is possible regarding price increases or decreases during this period.

Furthermore, sadly, such news can disrupt the smooth functioning of the oil supply chain.

Earlier,

Due to the local currency devaluation against the US Dollar (USD) and increasing global oil prices, petrol prices in Pakistan are set to rise starting on September 15, 2023.

Reports suggest that petrol prices may surge by up to Rs. 14 per liter, and high-speed diesel (HSD) prices could rise by Rs. 16 per liter, reaching another record high in the country.

It’s important to note that the international Brent crude oil price increased from $88 to $91 per barrel on Wednesday, which will impact gasoline prices in Pakistan. Additionally, the Pakistani rupee (PKR) experienced depreciation, briefly reaching Rs. 307 before recovering and falling below Rs. 300 again.

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