Oil and Gas Regulatory Authority on Thursday issued notification relating to reduction in oil prices effective today (Friday). Ogra issued the notification after Prime Minister Yousuf Raza Gilani announced withdrawal of the decision to raise oil prices taken on December 31, 2010 for January.
The rising impact of oil prices has been adjusted in Petroleum Levy (PL). The price of petrol has been slashed by Rs 6.71 per liter, HOBC Rs 7.69 per liter, kerosene oil Rs 4.04 per liter and Rs 4.36 per liter Light Diesel Oil (LDO). The new prices of petroleum products will stand as; petrol Rs 72.96 per liter, HOBC Rs 86.67 per liter, kerosene oil Rs 70.95 per liter and Rs 66.61 per liter LDO.
The Petroleum Levy has been reduced on petrol from Rs 10 per liter to Rs 4.27 per liter, HOBC Rs 14 per liter to Rs 7.43 per liter, Kerosene oil Rs 6 per liter to Rs 2.55 and E-10 from Rs 9.28 to Rs 3.54 per liter.
The government was charging Rs 3 per liter PL on LDO that had been abolished. The IFEM in case of LDO has also been reduced by Rs 0.73 per liter.