Reduction in petrol prices on the cards

• Ogra has recommended reduction in petrol prices by Rs20.68 per liter, high speed diesel by Rs33.94 per liter and kerosene oil by Rs44.07 per liter.
• If approved, the new prices will come into effect from May 1.
• Ogra has forwarded the summary to the Ministry of Petroleum and Finance Ministry for approval.

 (Karachi) Consumers are likely to face reduction in prices of petroleum products, media has reported.

As per details, the Oil and Gas Regulatory Authority (Ogra) has recommended reduction in petrol prices by Rs20.68 per liter, high speed diesel by Rs33.94 per liter and kerosene oil by Rs44.07 per liter.

Ogra has forwarded the summary Mnistry of Petroleum and Finance Ministry for approval.

If approved, the new prices will come into effect from May 1.

Earlier, Advisor to the Prime Minister on Finance Dr Hafeez Sheikh said the price of petroleum products will drop from May 1.

He said, “Once the cost of petroleum products decreases, the cost of traveling and investment in the energy sector will be reduced as well.”

On March 25, the federal government reduced petrol price by Rs 15 per litre and said it would maintain that level for three months or even reduce it further. The continuous reduction in petrol price is a result of drop in US oil prices due to the coronavirus pandemic and lack of demand.