ISLAMABAD: Government has reduced the prices of petroleum product (POL) by Rs 15 per litre, despite th summary put up by Oil & Gas Regulatory Authority (OGRA) seeking decrease of Rs 44,07 per litre starting from May 1.
According to notification issued on Thursday, petrol price has been slashed by Rs15 per litre, whereas the price of High Speed Diesel has also been decreased by Rs27.15 per litre.
The prices of kerosene oil and light diesel oil has also been reduced by Rs30 and Rs15 respectively.
So the new price of HSD will be Rs80.10 per liter, SKO Rs47.44 per liter and LDO Rs47.51per liter. New price of petrol will be Rs81.58 per liter.
Meanwhilem on Wednesday, Oil & Gas Regulatory Authority (OGRA) submitted a summary to the petroleum division recommending that the prices of the petroleum products should be decreased by up to Rs44.07 per litre starting from May 1.
According to sources, the regulatory authority forwarded a summary to the petroleum division suggesting a cut of at least Rs20.68 in the petrol price.
The summary also recommended to reduce the high speed diesel by Rs33.94 per liter and kerosene oil by Rs44.07 per liter.
The Ministry for Finance will consider the recommendations of the OGRA on Saturday, and make its decision accordingly.
On Tuesday, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said that the cost of energy and travel will decrease with the reduced oil prices in international market and the government will pass on the benefit of reduced oil prices to public.
Talking to media he said that the country’s economy was improving before the outbreak of novel coronavirus pandemic and local currency had stabilized but the coronavirus epidemic hit our economy.
He said that the lockdown has reduced economic activities and the contraction of the global economy has reduced our exports.
Read more: Government to pass on benefit of reduced oil prices to public:…
