In response to recent speculations swirling around the potential fluctuations in the prices of petroleum products, the Oil and Gas Regulatory Authority (OGRA) on Monday issued a strong rebuttal, asserting that such conjectures are “premature” and could disrupt the smooth functioning of the oil supply chain.
The regulatory body has urged stakeholders and the public to refrain from engaging in speculative discussions regarding the prices of petroleum products, emphasizing that the official announcement is still a week away.
A spokesperson for OGRA conveyed that the prices of petroleum products are intricately linked to global market dynamics and exchange rates.
Recent days have witnessed a global upsurge in petroleum prices, but concurrently, there has been an improvement in the dollar-to-rupee exchange rate.
These intertwined factors make it imperative to refrain from making hasty predictions about the impending price adjustments.
Earlier today, in the international market, Brent crude oil registered an increase of 32 cents, reaching $93.59 per barrel, while US West Texas Intermediate crude oil saw a rise of 24 cents, reaching $90.27 per barrel.
It is important to highlight that the caretaker Minister of Commerce, Gohar Ejaz, had hinted at the possibility of a reduction in petroleum product prices starting October 1 during a media talk in Karachi on September 23.
Ejaz had specifically mentioned a potential reduction in the price of petrol.
