Crude oil prices fell to 82.87 a barrel in the world market. Last week the price of crude oil in the world market stood at 78 a barrel.
According to Oil and Gas Regulatory Authority (OGRA) sources, on November 6, the government fixed the prices at 85 per barrel.
OGRA started working to set the prices from November 16 to December 1, 2021.
According to the global market, there is no justification for the forthcoming increase in the prices of petroleum products, OGRA sources said.
The government can maintain prices by imposing the current rates of all taxes, OGRA sources added.
Consumers can also get relief of up to Rs. 9 on petrol and diesel by eliminating or reducing levy tax. The government is levying Rs 9.62 per liter on petrol and Rs 9.14 per litre on diesel.
OGRA will send a summary of prices of petroleum products to the Ministry of Finance on November 14