Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to Finance Ministry to decrease the price of petrol by PKR 5.26 per litre; on the other hand, the authority has also urged the ministry to increase the prices of high-speed diesel, light-speed diesel and kerosene oil by PKR 0.65, 0.55 and 0.13 respectively.
It is for the first time in this year that OGRA has proposed actually to decrease the price of petrol. For the past three months, the government has soared the prices of petroleum products, which lead to protests by local commuters, transporters and Islamabad Chambers of Commerce.
The existing prices are as follow:
- Petrol: PKR 88.07 per litre
- High-Speed diesel: PKR 98.45 per litre
- Light-Speed diesel: PKR 65.3 per litre
- Kerosene oil: PKR 76.46 per litre
If the ministry approves the recommendation made by OGRA then with effect from 1st April 2018, the prices of petroleum products would be changed with the new price of the petrol being set around at PKR 83 per litre. It is highly possible that Finance Ministry might not change the prices as recommended because the price of crude oil globally has been continuously changing.
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