Petroleum prices likely to be decreased for October
The Oil and Gas Regulatory Authority (OGRA) has worked out a reduction in the prices of https://rangeinn.com/ppl-finds-hydrocarbon-reserves-in-balochistans-kalat-1277/products (POL) for the upcoming month of October 2020.
According to sources, OGRA has forwarded its working paper regarding the next month’s oil prices for necessary feedback. The final decision will be announced by the finance ministry on 30th September (today) after getting the consent of Prime Minister Imran Khan.
Sources said that the OGRA, in its working paper, had informed the government about the decline in crude oil prices in the international oil market.
“OGRA has proposed the government to either approve a Rs 2 per litre decrease in petrol and high-speed diesel (HSD) prices or maintain the oil prices at the same level by increasing the ratio of petroleum levy already imposed on POL products,” said a source privy to this development.
It is pertinent to mention that the government had maintained the petroleum prices of August for the month of September 2020. The Finance Division, on July 31, had announced a hike in POL prices for the month of August 2020, jacking up the petrol price by Rs3.86 per litre, HSD by Rs5 per litre, kerosene oil by Rs5.97 per litre, and light diesel oil by Rs6.62 per litre.
The Oil and Gas Regulatory Authority (OGRA) put forth a proposal to reduce the prices of petroleum products up to Rs2 per litre for the month of October.
According to sources, OGRA has recommended Rs2 per litre cut in the price of petrol, diesel following the decrease in petroleum prices in the international market.
The summary for the revision of fuel prices for the month of May has been sent to the Ministry of Petroleum and after the prime minister’s approval, the new price will be announced for the public.
If approved, the new prices will come into effect from October 1 across the country.
Earlier on September 15, the federal government announced to maintain fuel prices in the country for the next 15 days.
According to a handout of the federal finance ministry, the new prices would remain enforced in the country for 15 days from 16 to 30 September.
It must be noted that the fuel prices would be adjusted for 15 days rather than an earlier procedure to set the petroleum prices for a month.
