OGRA reacts to reports of speculations about fuel prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday reacted to the speculations about fuel prices.

OGRA spokesperson said speculations about increase or decrease in fuel prices should be avoided as the rate of petroleum products is fixed in line with the international market and exchange rate.

The regulator said the rate of crude oil increased in the international market, while the PKR has also regained its value against the greenback.

As there is a week left in the announcement of new fuel prices for the month of October, speculations should be avoided because they can ‘disturb’ the supply chain, the OGRA spokesperson said.

Last week, Caretaker Minister for Information Murtaza Solangi hinted at reducing the petrol price in the next fortnight’s review as the Pakistani rupee gained massively against the US dollar.

On Sept 15, the government made a massive hike in petrol and diesel prices after making tall claims of providing relief to the masses.

A massive hike of Rs26.2 per litre was made on petrol and the new price would be Rs331.38 per litre. Moreover, Rs17.34 was jacked up on diesel and the new price would be Rs329.18 per litre.