OGRA suggests reduction in PoL prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has proposed a reduction up to Rs8 to 10 per litre in prices of petroleum products for the next 15 days, ARY News reported on Wednesday. 

According to details, the Oil and Gas Regulatory Authority (OGRA) has prepared a summary of the prices of petroleum products. Sources said that the regulatory body has prepared three proposals regarding the reduction in PoL prices.

The summary also suggested a reduction in the prices of petroleum products by Rs 8 to 10 per litre.

According to OGRA sources, in case of an increase in levy tax, the prices can be reduced up to Rs4 per litre while in case of doubling of tax, prices will remain unchanged.

Sources said that the prices of petroleum products in the world market stood at $74  per barrel, the prices have come down by 10% as compared to last month.

Read more: PETROL PRICE MAY GO UP IN PAKISTAN AGAIN, SAYS SHAUKAT TARIN

The sources added that the government has bought oil between $68 to 74 per barrel in the last 13 days from the international market and the relief is on the cards.

The new prices for the next 15 days will be announced today with the approval of Prime Minister Imran Khan.

It is pertinent to mention here that Prime Minister Imran Khan on December 1 had rejected the OGRA summary and maintained the petrol prices for the next 15 days.