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Petroleum products likely to slide down by RS.7

Islamabad: The possibility of Petroleum Products becoming cheaper by RS 7 from December 1st in the country has been revealed.The work regarding exchange in prices of petroleum products by Oil and Gas REgulatory Authority (OGRA) has been initiated.As a result of the decrease in prices in the global market, the summary sent by OGRA to the government is likely to make petroleum products cheaper in Pakistan as well.The price of petrol is expected to reduce by RS 7 per liter and that of price of diesel is expected to reduce by RS 6 per liter.However, the final announcement of prices of petroleum products for 15 days after December 1st will be made with the approval of Caretaker Prime Minister (PM).According to report, further decreased in prices of crude oil has been recorded in the world market.The price of Russian oil per barrel has fallen below 60 dollars.The limit of 60 dollars per barrel of Russian oil has been set by European Union (EU) but the price of Russian oil has also gone below the fixe d limit in the market.Likewise, British Brent deal decreased by 1% to $80.58 per barrel and American West Texas Intermediate deal decreased by 2% to $75.54 per barrel in the global market.