Petroleum Prices Likely to Drop by Rs10 Today

A significant decrease in petroleum prices is expected tonight (Sunday), as the Oil and Gas Regulatory Authority (Ogra) has submitted a recommendation to the prime minister for a price cut.

From September 1 to September 14, international crude oil prices have fallen by Rs8 to Rs12. Crude oil prices, which were at $90 per barrel in April 2024, have now dropped to around $70 per barrel in September, the lowest in six months.

In response to this drop, Ogra, after discussions with the petroleum ministry, has sent a proposal to the finance ministry, recommending a price reduction of Rs6 to Rs10, reflecting the decrease in international prices.