It has been recommended by the Oil and Gas Regulatory Authority (OGRA) to decrease the petrol prices. A summary has been forwarded to the petroleum division by Ogra to reduce petroleum product prices.
It is recommended by Ogra to decrease the petrol price by Rs0.77 per liter. If it is approved, the price of petrol will be reduced to Rs111.91 per liter.
Ogra has suggested a decrease in the price of diesel by Rs2.30 per liter and a decrease in light diesel oil price by Rs0.26. Also, Ogra has recommended reducing the kerosene oil price by Rs2.94 per liter.
It is recommended by Ogra to make sure that the decrease in petroleum and oil product prices come in effect from July 1st.
Earlier the petrol prices were increased by Rs4.26 per liter. The government raised petrol prices for the month of June 2019. The decision was taken due to the hike in oil prices worldwide and continuous depreciation of rupee against the dollar.