It’s not even been three days since the country’s national media conveyed the anticipated reduction in petrol prices, and OGRA has rubbished all speculations. Suffice it to say, there is not even an iota of low petrol price in the price revision due on Sept 30.

The episode translating the whole scenario of an expected drop in fuel prices came forth after Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi had indicated last week that a decrease in petroleum prices might occur due to the strengthening of the Rupee against the dollar.

OGRA’s Statement

The Oil and Gas Regulatory Authority (Ogra) cautioned against making premature assumptions regarding the cost of petroleum products. This advice comes in response to statements made by federal ministers who suggested a potential reduction in petroleum prices during the upcoming bi-weekly review. 

During the previous bi-weekly review, the caretaker government had substantially increased the price of petrol by more than Rs26 and diesel by over Rs17 per litre, resulting in prices of Rs331.38 and Rs329.18, respectively—marking a new high.

In response to the statements made by the ministers, Ogra issued a statement stressing the need to refrain from speculating about petroleum product prices. The authority pointed out that the pricing of petroleum products in Pakistan is primarily influenced by international market rates and the exchange rate of the US Dollar.

Ogra noted that there has been a recent surge in international petroleum prices, alongside an improvement in the exchange rate between the Dollar and the Rupee. However, it emphasized that it is crucial to acknowledge that there is still one week remaining before the announcement of the new prices.

What’s your take regarding petrol price in Pakistan? Will these prices go up or face a slump? Tell us in the comments section.