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Oil and Gas Regulatory Authority (Ogra) on Friday recommended up to 2.5 percent reduction in the prices of petroleum products for October 2019. In a monthly review of the month, Oil and Gas Regulator has recommended slashing motor spirit (MS) price by Rs 2.55 per litre and High Speed Diesel (HSD) price by Rs 3.23 per litre for the month of October. Besides, the OGRA has also recommended reduction in Light Diesel Oil (LDO) price by 2.41 per litre. However, an increase of Rs 1.19 per litre has been recommended in price of kerosene oil.

The recommendation has been made owing to reduction in oil prices in international market. The Brent oil price in international market on September 27 was recorded at $61.28/barrel which was $71 barrel on September 16. This increase came after drone attacks on Saudi Aramco's oil refinery wiped off 5.7 million barrels of oil, which is 5 percent of the global crude oil supply.

Copyright Business Recorder, 2019

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