ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended up to Rs 4.51/litre decrease in the prices of petroleum products (POL) for the month of May.
In a summary sent to the ministries of petroleum and finance on Monday, the regulatory authority has asked the government to approve a cut in the per litre prices of POL products under a monthly oil prices review mechanism. However, the government would announce the new POL prices for the next month on tomorrow (April 30). According to OGRA’s summary, which was drafted in line with the determination of oil marketing companies (OMCs), per litre price of petrol is to be reduced by 34 paisas, that of high speed diesel (HSD) by Rs 4.51; kerosene oil (SKO) by Rs3.08; light diesel oil (LDO) by 93 paisas, and high octane blended component (HOBC) by Rs 1.94.
If OGRA’s recommendations are implemented, per litre prices would come down to Rs 107.97 for petrol, Rs 131.14 for HOBC, Rs 98.07 for kerosene, Rs 109.34 for high-speed diesel, and Rs 94.13 for light diesel oil, official sources said seeking not to be named. Sources in the Finance Ministry said that the recommended reduction in oil prices is in line with the trend of prices going down in the global market.
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