A summary was prepared by the Oil & Gas Regulatory Authority (OGRA) to reduce petroleum product prices. The prices will be reduced starting from 1st October 2020. The petroleum product prices will be reduced by Rs. 3 to Rs. 4 per liter as per the reports.
Once Prime Minister Imran Khan gives the approval, the Ministry of Finance will officially make the announcement about whether the petroleum products’ prices will be reduced or not.
According to the report, an official document to reduce petroleum product prices has been prepared.
OGRA has sent its suggestions to the Ministry of Petroleum to reduce petrol and diesel prices. On 1st October, OGRA gave a proposal to reduce Rs 2 per liter in petrol and diesel prices. In the summary, OGRA said that as the crude oil prices have reduced in the global market, it would impact the domestic prices as well.
Thus, it has been proposed that OGRA reduces the prices of petroleum products by Rs. 3 to Rs. 4 per liter. It has been suggested that the prices can be maintained by the increasing rate of petroleum levy.
The final decision to either increase or maintain the prices of petroleum products would be taken after taking PM Imran Khan’s verdict. The Ministry of Finance will announce the prices of petroleum products, following PM Khan’s directives.