The Oil and Gas Regulatory Authority (OGRA) has recommended a reduction in petroleum product prices. Cut in petrol price by Rs7.06/litre, kerosene Rs11.88/litre and light diesel oil (LDO) price by Rs9.37/litre for June 2020. The regulatory body has, however, suggested that the price of diesel should remain unchanged. If the government accepts the suggestion of the authority, petrol price will come down from current Rs81.58/litre to Rs74.52/litre.
Prime Minister Imran Khan has ordered provincial governments to ensure that daily commodities are available in markets at reduced prices. He ordered to do so after a recent cut in petrol prices. On Thursday, the federal government slashed the prices of petroleum products by Rs15 per litre for the month of May. The new price of petrol will be Rs81.58 per litre.
The prices of petroleum products in Pakistan are set for a steep fall — up to 57 per cent. Though a decision would be announced in consultation with the International Monetary Fund (IMF) on Thursday. The Oil and Gas Regulatory Authority (Ogra) has worked out up to 57pc cut in various products’ prices. According to an official, Ogra had calculated about Rs20.68 per litre reduction in the prices petrol.
Advisor to the Prime Minister on Finance Dr Hafeez Sheikh has said the price of petroleum products will drop from May 1. He added that similarly, the cost of traveling and investment in the energy sector will also be reduced. On March 25, the federal government cut petrol price by Rs 15 per litre and said it would maintain that level for three months or even reduce it further.
The price of petrol has been slashed by Rs15 as a breather for the public under a complete lockdown due to the coronavirus outbreak in Pakistan. After the cost reduction, petrol will be available for Rs96.58 per litre while high diesel will cost Rs107.25 and light diesel be sold for Rs62.51 per litre. Meanwhile, kerosene oil will cost Rs77.45.
According to media reports, drop in the prices of petroleum products is expected with a PKR20-25 decrease in the price of petrol. This follows as the world reels from the plunge in oil prices as Saudi Arabia and Russia continue their price war. Nadeem Babar, the Special Assistant to Prime Minister on Petroleum said that this will not only ease inflation but will also boost the economy of Pakistan.
The government has given the people a thoughtful gift to start the new year – an increase in petrol prices for January. The price of petrol has been hiked to PKR 116.60 from PKR 113.99, an increase of PKR 2.61. While in the case of High-speed diesel and Light-speed diesel, the prices have been increased by PKR 2.25 and PKR 2.08 per litre, bringing their new prices to PKR 127.26 and PKR 84.51 respectively.
The government has increased the price of petrol by Rs. 1 per liter and that of high-speed diesel (HSD) by 27-paisa for November on the recommendation of Oil and Gas Regulatory Authority (OGRA). The revised price of petrol at Rs114.24 per litre and HSD at Rs127.41 per litre were announced through a notification issued by the Ministry of Finance. However, the price of light diesel has been decreased by Rs6.56 while that of kerosene by Rs2.39 per litre.