Islamabad: Oil and Gas Regulatory Authority (OGRA) has recommended the Government of Pakistan for reducing petroleum product prices to 12 percent. According to the media reports, OGRA has send a summary to the Ministry of Petroleum, in which it has been recommended by the authority to reduce petroleum prices to 12 percent. In this summary, OGRA has recommended the ministry to reduce Rs. 8.48 in petrol prices and if approved by the ministry, new petroleum prices from 1st March will be Rs. 62.77 per liter. Last month, Govt. announced to reduce Rs.5 in petrol prices.
OGRA has also recommended reduction in the price of other petroleum products as well including Rs. 1.97 in Lite Diesel, Rs. 2.98 in the price of High Octane, after which the price of High Octane in Pakistan will be Rs. 72.68. The authority has recommended to reduce prices of Diesel and High Speed Diesel to Rs. 4.67 and reduction of Rs. 2.98 per liter in HOBC. Despite of reduction in other products, OGRA has also recommended to increase Rs. 1.66 in the price of Kerosene Oil.
It is to be noted that the Opposition had asked the Govt. last month to reduce high taxes on petroleum products to provide some relief to the public.