The Oil and Gas Regulatory Authority (OGRA) has sent a working paper to the Petroleum Division, recommending that the prices of petroleum products be reduced by up to Rs. 5 per liter.
An official from the OGRA stated yesterday that the paper recommends that the price of ex-depot petrol be reduced by Rs. 3.50 per litre, the ex-depot price of High-Speed Diesel (HSD) by Rs. 5 per liter, and the price of ex-depot Light Diesel Oil (LDO) and Kerosene by Rs. 2 and Rs. 3 per liter respectively.
He said that the reduction is based on the existing petroleum levy, the General Sales Tax (GST) rates, and import parity price, and revealed that the reduction is done in accordance with the deteriorating prices of oil in the international market over the last 15 days.
The official highlighted that the Ministry of Finance may oppose the reduction in order to recoup the revenue that it had lost in the tax reduction earlier this month.