The Oil and Gas Regulatory Authority (OGRA) has recommended a decrease in the prices of petroleum products in Pakistan, with petrol prices potentially dropping by up to Rs10 per litre. According to the media reports, the proposed reduction in prices could result in a decrease of Rs7 to Rs10 per litre for petrol and a decrease of Rs8 per litre for diesel.
The recommendations have been sent to the government by OGRA, with the finance minister set to consult with the prime minister before a final decision is made on Monday. If approved, the new prices will come into effect from midnight on May 15 and will remain in place for the next 15 days.
It is worth noting that the Brent oil market recorded a high of $77.44 per barrel in the last two weeks, making this potential price reduction even more significant for Pakistani consumers.
This move by OGRA could provide relief for consumers who have been struggling with high fuel prices for some time. It could also provide some relief for businesses that have been struggling to keep up with rising transportation costs. However, the final decision will depend on the government’s review of the proposal and their own economic considerations.
Overall, this proposal represents a significant development for Pakistan’s economy, and the decision made by the government will have a significant impact on both consumers and businesses alike.
Petrol price likely to drop by Rs10 per litre
