Oil & Gas Regulatory Authority (OGRA) has prepared a summary that signifies the reduction in the prices of petroleum products, starting from October 1st, 2020. As per the reports, the prices of petroleum products are likely to be reduced by Rs. 3 to Rs. 4 per liter.
After the approval of Prime Minister Imran Khan, the Ministry of Finance shall officially announce tomorrow whether or not there would be a reduction in the prices of petroleum products. Reports suggest that an official document, pertaining to the reduction of petroleum product prices has already been prepared.
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Reportedly, OGRA has sent its recommendations to the Ministry of Petroleum about the reduction in petrol and diesel prices. On October 1, OGRA has proposed a reduction of Rs 2 per liter in petrol and diesel prices. OGRA said in the summary, that crude oil prices have declined in the global market, implying that it should have an impact on the local prices.
With that occurrence in mind, it has been proposed by OGRA to reduce the prices of petroleum products by Rs. 3 to Rs. 4 per liter. The summary also suggests that the prices could be maintained by raising the rate of petroleum levy.
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Reportedly, the final decision to reduce or maintain the prices of petroleum products would be after gaining the verdict of Prime Minister Imran Khan. Following the directive of the Prime Minister, the Ministry of Finance will announce the prices of petroleum products.
