OGRA postpones modifying prices of petroleum products: sources

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has postponed the announcement of new prices of petroleum products on May 16, citing sources, ARY News reported.

The announcement regarding the new prices of petroleum products could be made today (May 16, Sunday) as the Oil and Gas Regulatory Authority (OGRA) did not prepare the summary following Eidul Fitr holidays, sources told ARY News.

It is expected that the regulatory authority will announce the new prices on May 17 after sending a summary to the Petroleum Division for approval. The modified prices of petroleum products are likely to be implemented from May 18.

Read: Govt slashes petroleum prices for next 15 days

Till the announcement of new prices, the rates of petroleum products will remain unchanged, sources added.

Earlier on April 30, Prime Minister Imran Khan had rejected the summary sent by the Oil and Gas Regulatory Authority (OGRA) for hiking the petroleum products prices.

Special Assistant to Prime Minister on Political Affairs (SAPM) Dr Shahbaz Gill had said that OGRA had recommended an increase up to Rs5 to Rs10 at petroleum products prices. He added that the premier decided to maintain the prices of April 16.

Read: Prices of petroleum products likely to go up by up to Rs6

A notification had also been issued by the Finance Division, stating that the federal government decided not to increase the prices of petroleum products in line with the vision of PM Imran Khan to provide relief to the consumers in the holy month of Ramazan.

It further stated that the government was not charging any Petroleum Levy (PL) on kerosene and light diesel oil and the cumulative revenue impact of the decision will be Rs4.8 billion.

Following the notification, the price of petrol was remained unchanged at Rs108.56 per litre, high-speed diesel at Rs110.76 per litre, kerosene oil at Rs80 per litre and Rs77.65 per litre for light diesel oil.

It may be noted here that the Economic Coordination Committee (ECC) had approved the recommendation in July last year to regulate petroleum prices in the country after every 15 days.