ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday recommended up to Rs 1.60 per litre cut in the price of petroleum products (POL) under the monthly oil price review mechanism.
Sources told Daily Times that OGRA has suggested a decrease in the POL priced for the upcoming month. The regulator has proposed a decrease of Rs 1.22 per litre in petrol price, Rs 1.60 per litre in high-octane blended component (HOBC), Rs 1.36 per litre in light diesel oil (LDO), Rs 0.97 per litre in kerosene oil and Rs 1.03 per litre reduction in the price of high-speed diesel (HSD), they added.
They also said that price of POL products were expected to decrease by Rs 3.50/litre in line with the downward trend in the oil prices in the international market. But, due to expected increase in petroleum levy (PL) and further depreciation in the value of rupee might deprive consumers from estimated relief in the future prices of POL products.
“If the Finance Ministry does not increase the share of PL in the prices of POL products, consumers will find estimated relief in oil prices during the month of September,” a senior official in the Petroleum and Natural Resources Ministry said.
Officials at the ministry said that the finance minister would give final approval after consulting with the prime minister. New prices will be effective from September.
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