Petroleum product prices in Pakistan are likely to see a major reduction today due to a sharp decline in global crude oil prices.
In the international market, crude oil prices recorded a drop of up to 5% today. OGRA will now determine new prices in line with global market trends. It is worth noting that petroleum product prices saw a record increase of up to Rs 60 during the past week.
Petrol was made Rs 24 more expensive while diesel saw an increase of over Rs 60. At that time, the government had attributed the hike to rising crude oil prices in the global market and higher import costs.
Meanwhile, Oil Marketing Companies have expressed concern over the proposed system of daily adjustments in petroleum prices. They said that daily changes could disrupt business planning, stock management and the supply chain.
The companies stressed that all stakeholders should be consulted before finalizing any new pricing mechanism. The new prices are expected to be announced by OGRA later today.
This expected cut comes just a week after a record hike in fuel prices. Over the past week, petroleum products were made costlier by up to Rs 60 per litre. Petrol price was increased by Rs 24, while diesel saw a jump of more than Rs 60 per litre.
At the time, the government had blamed the increase on rising crude oil prices in the global market and higher import costs, which put pressure on the national exchequer and consumer prices.
The volatility has also raised concerns among industry players. Oil Marketing Companies have opposed the proposed system of daily price adjustments for petroleum products. They argue that frequent changes will hurt business planning, stock management, and the overall supply chain. OMCs have called for consultation with all stakeholders before implementing any new pricing.
Read also: Govt Keeps Fuel Prices Unchanged
