In a summary forwarded to the federal government, the Oil and Gas Regulatory Authority (OGRA) has recommended to cut petrol price by Rs. 5.26 per liter.
We can expect the prices to drop soon if the recommendation gets approved by Prime Minister Shahid Khaqan Abbasi. If the price gets decreased by Rs. 5, petrol price per liter will become Rs. 82.
Industry experts say that the federal government might not implement a full Rs. 5 decrease in petrol prices. However, they might decrease it up to Rs. 3.
On the other hand, OGRA has also proposed a slight increase in Kerosene and Diesel prices:
- Rs. 0.65 per liter increase in high-speed diesel,
- Rs. 0.55 in light diesel,
- Rs. 0.13 increment in Kerosene oil prices.
The summary was sent today to the Prime Minister. If the price hike gets implemented,
- the price of high speed diesel will increase to Rs. 99.10 from Rs. 98.45,
- light diesel to from Rs. 65.30 to Rs. 65.85,
- and Kerosene oil to Rs. 76.60 from Rs. 76.46.
High speed diesel is mainly used in commercial vehicles, pumps, and locomotive vehicles. Comparatively, light diesel is utilized for industrial purposes. Remote areas in Pakistan use Kerosene for domestic purposes such as cooking, heating, etc.
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The current rate at which petrol is being sold in the market is Rs. 88. If the cut in fuel prices becomes official, we can expect it to drop down to at least Rs. 85 in the coming days.
Thanks, for the good news after a long time.
I guess we will hear some good news in the coming budget too :)
Not sure why OGRA is suggesting a drop. In international markets, oil is trading close to US$ 65. Based on this, prices were to go up, not down. Political reason, I suppose. Nevertheless good for us consumers!
The price may have been dropped in last couple of days. Even if the price in international market remains the same, they will lose taxes which are already 30%