ISLAMABAD: Petrol prices in Pakistan are expected to see a slight reduction from September 1, following a downward trend in the global oil market.
According to initial estimates, petrol prices may decline by 61 paisa per litre, while high-speed diesel could see a larger cut of Rs3.13 per litre. Similarly, kerosene oil is likely to drop by Rs1.57 per litre, and light diesel oil may decrease by Rs2.61 per litre.
The Oil and Gas Regulatory Authority (OGRA) has yet to finalise its summary, which will be forwarded to the Ministry of Petroleum and then to the Finance Division. A formal notification will be issued after consultation with Prime Minister Shehbaz Sharif.
On the global front, oil prices slipped on Friday amid concerns over weakening demand in the U.S. and expectations of increased supply from OPEC and its allies. Brent crude futures for October delivery, which expired on Friday, closed at $68.12 a barrel, down 50 cents (0.73%). The more active November contract fell 53 cents (0.78%) to $67.45. Meanwhile, West Texas Intermediate (WTI) crude settled at $64.01, down 59 cents (0.91%).
Analysts noted that markets were shifting focus to the upcoming OPEC+ meeting. The group has been accelerating production hikes to reclaim market share, adding to global supply pressures.
“Overall, the bottom line is we’re seeing a rise in supply amid sluggish demand,” said Andrew Lipow, president of Lipow Oil Associates.
Read Also:Petrol prices expected to drop from september 1
