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ISLAMABAD: The government is reportedly considering to cut petroleum product prices by Rs one per litre in May to provide relief to consumers in the wake of hike in prices during last few month amidst fluctuations in global oil prices.

Contrary to cut in prices of high speed diesel and petrol, the government may increase the prices of light diesel and kerosene.

On Friday, the Oil and Gas Regulatory Authority (OGRA) had sent its recommendations to the Ministry of Petroleum. The OGRA has recommended hike of Rs 10 per litre in light diesel oil (LDO) while Rs 15 per litre in kerosene. It has also recommended reduction of Rs one per litre in prices of petrol and high speed diesel (HSD) respectively.

The new petroleum prices would be implemented after approval of Prime Minister Nawaz Sharif with effect from May 1, 2017.

It is worth mentioning here that the OGRA’s recommendations of hike in prices of kerosene and LDO were turned down by the ministry in last three months. However, the consumers have been facing partial increment in oil prices during the past several months due to fluctuations in global oil prices.

On approval of the OGRA summary, the price of petrol would come down from Rs 74 to 73 per litre while the high speed diesel will become one rupee cheaper to Rs 82 from present Rs 83 per litre.

The prices of kerosene after an increase of Rs15 would surge up to Rs59 per litre from the existing Rs44 per litre and the price of LDO would go up with an increase of Rs10 per litre from the current Rs44 per litre to Rs54 per litre.

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