Business

PM’s disqualification: Consumers deprived of reduction in oil prices

ISLAMABAD: In the absence of prime minister or the cabinet following the disqualification of PM Nawaz Sharif , prices of oil products are kept unchanged, depriving public of a possible relief.

Oil and Gas Regulatory Authority (Ogra) had recommend reasonable reduction in prices of petroleum products. According to its summary, the price of high speed diesel was proposed to fall by Rs5.07, and petrol by Rs3.67 per litre with effect from August 1 to pass on the benefits of reduction in international prices to consumers.

Spokesperson for the finance ministry said that rates of petroleum products would be maintained at the exiting level till a decision by the competent authority.

The secretaries of petroleum, finance and law and justice division deliberated throughout the day as to which authority to turn to for the approval in the absence of prime minister who had been giving approvals to revise oil prices in the past.

The Ogra summary said, high-speed diesel was proposed to be fall by Rs5.07 per litre, petrol prices by Rs3.67. However, it had recommended hike in Kerosene oil by Rs13 per litre to Rs57 against the existing price of Rs44. The price of light diesel oil was also proposed to be increased by Rs10.01 per litre.

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