Federal Minister for Finance and Revenue Ishaq Dar brushed off reports claiming that the Oil and Gas Regulatory Authority (OGRA) had recommended a reduction in the rate of petrol in the latest fortnightly update, terming them as “baseless and untrue”.

“Some reports have been circulating in the press and electronic media stating that OGRA made recommendations to the government for a reduction in the price of Motor Spirit/Petrol with effect from 1st May 2023, which are baseless and untrue,” said the finance minister on Twitter on Tuesday.

On Sunday, Dar announced that the government had decided to keep the price of petrol unchanged at Rs282 per litre for the next fortnight, while the price of high-speed diesel (HSD) will be reduced by Rs5 per litre.

In a brief video address, Dar also said the prices of light-speed diesel and kerosene oil have been slashed by Rs10 per litre.

Before a price-revision, OGRA, the regulator, sends its recommendations to the prime minister who reviews the changes, if any, before making a final announcement.