Petrol and diesel prices are anticipated to decrease by Rs. 13 to Rs. 15 per liter. Whereas diesel prices could fall by up to Rs. 11 per liter. This reduction is due to a consistent decline in international oil prices.
The Oil and Gas Regulatory Authority (OGRA) will propose these price adjustments to the Prime Minister. The Finance Ministry will then officially announce the new prices.
The global oil market is experiencing a downturn due to concerns about a potential US recession, trade tariffs, and anticipated increased supply from OPEC+ nations. As a result, benchmark crude oil prices, like Brent and West Texas Intermediate, have been decreasing.
