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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended slashing petroleum products prices by up to Rs 5.40 per litre approximately for the first half of April (April 1-15).

Credible sources in the Petroleum Division told that the authority has recommended a reduction of Rs 1.40 per litre in the price of petrol and Rs 5.40 per litre in the price of high-speed diesel (HSD) with effect from April 1.

Sources in the Petroleum Division further stated that the federal government may not pass full relief to the public as it did not pass on the full impact of the petroleum prices internationally in the recent months.

The OGRA has computed the ex-depot prices on the basis of the current petroleum levy and the general sale tax rates.

In the second half of March, the federal government raised ex-refinery prices by reducing PL rates on petroleum products.

In case, the government opts to revise the petrol price downward by Rs1.40 per litre, the price will be Rs110.50 per litre which is currently Rs111.90 per litre.

The price of HSD will also reduce to Rs110.68 per litre from Rs116.08 per litre.

These two products are a major source of revenue for the government.

Copyright Business Recorder, 2021

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