The rate of crude oil in the international market fell from $79 per barrel to $73 per barrel over the last couple of weeks.

A Rs10 decline in the petrol price while Rs12 decrease in the high speed diesel rate is estimated, according to Aaj News correspondent Yasir Nazar. But the final decision would be made by the caretaker government in consultation with the prime minister unlike the past when the Oil & Gas Regulatory Authority sent a summary to revise petrol prices.

The petroleum secretary, finance secretary, and the Prime Minister’s Office officials make a final decision on Ogra recommendations, he added.

Last month, the caretaker government kept the petrol price unchanged at Rs281.34 while the diesel price was slashed by Rs7 per litre to Rs289.71.

Over the past fortnight, international prices for both HSD and petrol have witnessed a collective decrease of nearly 5%.

Oil prices rose in early Asian trade on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.

Brent futures rose 9 cents to $76.70 a barrel at 0006 GMT. U.S. West Texas Intermediate (WTI) crude climbed 10 cents to $71.68.

It merits here to mention that Saudi Aramco signed on December 12 an agreement with Gas & Oil Pakistan Ltd to acquire a 40% equity stake in the company.

The deal would help to provide new market opportunities and additional outlets for its products, according to Saudi state-owned petroleum and natural gas company.

While the agreement has been called ‘definitive’ it is still subject to regulatory approvals.