**In view of the continuous decrease in the prices of petroleum products in the global market, the prices of petroleum products are likely to decrease by Rs30 this month.

The Petroleum Division says that petrol is being purchased at $76 to 77 per barrel.

Officials at the division told Aaj News that the petrol prices can be slashed by as much as Rs30. Currently, petrol is being sold at Rs224.8

Sources said that petrol levy charges of Rs50 per litre were being collected currently, with the next fortnightly revision of prices of petroleum products on the midnight between December 15-16.

According to officials, the Oil and Gas Regulatory Authority (Ogra) calcuations would include the purchase of oil till December 15. The final decision on the revised rates will be taken by the finance minister in consultation with the prime minister.

Global scenario

The price of oil fell to its lowest level this year on Wednesday, forfeiting all of the gains since Russia’s invasion of Ukraine exacerbated the worst global energy supply crisis in decades.

The world’s most actively traded commodity surged to nearly $140 a barrel in March, close to an all-time record, following the launch of what Moscow called a “special operation” in Ukraine that has raged ever since.

The market has been steadily declining in the latter months of the year as economists brace for weakened worldwide growth in part due to high energy costs. Wednesday’s losses were driven by bigger-than-expected increases in U.S. fuel stocks.

Brent futures fell $2.18, or 2.8%, to $77.17 a barrel, settling comfortably below the year’s previous closing low of $78.98 a barrel touched on the first day of 2022. U.S. West Texas Intermediate crude fell $2.24, weakening further from Tuesday’s close, which was already a yearly low, to $72.01 a barrel.

Pakistan-Russia agreement

Russia has agreed to provide crude oil, petrol, and diesel to Pakistan, in principle, at discounted rates.

“Our Russia visit was more successful than our expectations,” Minister of State for Petroleum Musadiq Malik said on Tuesday while briefing the media about the outcome of his trip to the country last week. “The same discount anyone else is getting in the world.”

The trip had come as the nation struggles to meet domestic gas supply needs as winter approaches while battling to contain a current account deficit swelled by energy payments, mostly for oil.