The Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Ministry of Petroleum recommending Rs 7-11 per litre reduction in major petroleum product prices, effective February 1, 2016. According to the summary, the Ogra has recommended a cut of Rs 7 per litre in petrol price, Rs 11 High Speed Diesel (HSD), and Rs 8 reduction in kerosene oil. The regulator has recommended a cut of Rs 10.15 per litre in High Octane Blending Component (HOBC) and Rs 7.36 per litre in Light Diesel Oil (LDO) prices.

The summary has also been sent to the Ministry of Finance and Prime Minister Nawaz Sharif to make a final approval of reduction in petrol prices. Petroleum Minister Shahid Khaqan Abbasi informed the National Assembly Standing Committee on Petroleum and Natural Resources that the price of petrol for next month might be reduced by about Rs 5 per litre. If the government approves the Ogra recommendations, the petrol price will come down from Rs 76.26 per litre to Rs 68.69 per litre, HSD from Rs 80.89 per litre to Rs 69.79 per litre, HOBC From Rs 80.66 to Rs 70.51 per litre, kerosene oil from Rs 48.25 to Rs 40.08 per litre and LDO from Rs 44.98 to Rs 39.58 per litre.

Copyright Business Recorder, 2016