OGRA recommends up to Rs 5.61 cut in POL prices

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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended the government decrease the prices of petroleum products (POL) by up to Rs 5.61 per litre.In a summary sent to the ministries of finance, and petroleum and natural resources, the regulatory authority has recommended a cut in the per litre price of petrol of Rs 1.72, high octane blended component (HOBC) Rs 4.66/litre, high speed diesel (HSD) oil Rs 2.90, kerosene oil Rs 5.61/litre, and light diesel oil (LDO) Rs 5.16//litre. “After consultation with oil marketing companies (OMCs) OGRA has recommended up to Rs5.61/litre decrease in its POL prices summary sent under monthly oil price review mechanism to the government,” a senior official at the Finance Ministry said. He also said that after getting the consent of Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar would announce the new POL prices on March 31. Keeping in mind OGRA’s recommendation with regard to oil prices during the month of April, it would be easy to say that petrol price would stand at Rs 108.31/litre, HOBC Rs 136.57/litre, HSD Rs 113.85/litre, kerosene oil Rs 101.15/litre, and LDO at Rs 95.06/litre with the start of April. Sources in the Petroleum and Natural Resources Ministry told this scribe that in its recommended new oil prices OGRA has included full component of petroleum levy (PL) and there is no fear of any hike in the share of PL on POL prices. Masses would also find relief in the upcoming month in the form of decreased POL prices, which to some extent would be the impact of decrease in the value of dollar in comparison to Pak rupee, and a $3 per barrel decrease in the price of crude oil. The government had been considering a cut in the prices of petroleum products for April in the backdrop of appreciating rupee and the general expectation of the people that the benefits of huge windfall gains due to cheaper dollar would be passed on to them. 

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