A recommendation has been given by the Oil and Gas Regulatory Authority (Ogra) to reduce the prices of petroleum products by upto Rs15 or 13.5% for January 2019.
The suggestion given by Ogra is to reduce the petrol, high speed diesel(HSD), kerosene oil, light diesel oil (LDO) prices by 10% or Rs9.50 per litre, 13.5% or Rs15 per lire, Rs.0.25 per litre and Rs2 per litre respectively.
This summary has been sent to the Ministry of Energy, Petroleum Division by Ogra. If the slash in the petroleum product prices is accepted the new petrol price will be Rs86.33 per litre from Rs95.83 per litre and the new light diesel oil price will be Rs75.44 per litre from Rs77.44 per litre. The new high speed diesel price will be reduced from Rs110.94 per litre to Rs95.94 per litre and the kerosene’s price will be reduced from Rs83.50 per litre to Rs83.25 per litre.
On Monday, the final decision will be taken by the government upon the recommendations of Ogra. The decrease in petroleum products prices have been recommended by calculating the 17% GST.
Federal Board of Revenue (FBR) raised the sales tax on diesel to 13% from 12% for the month of December. Similarly, the sales tax for petrol was raised to 8% from 4.5%.
As the rates of crude oil have dropped in the global market, Ogra has suggested a decrease in petroleum products prices. Let us see whether the government will accept these recommendations and give relief to the general public or not.