ISLAMABAD – The federal government is likely to cut petroleum prices by up to Rs10 per litre for the second fortnight of May to give relief to people who are facing record inflation.
It was learnt that Oil and Gas Regulatory Authority (OGRA) proposed a cut in the prices of fuel products, whereby price of petrol can drop by Rs10 per litre. The price of diesel price is likely to be slashed by Rs8 per litre.
Oil Regulatory Body reportedly sent a summary of the reduction in the prices of petroleum products.
It was learnt that the country’s finance czar Ishaq Dar will consult Prime Minister on OGRA recommendations while final decision on the prices of petroleum products will be taken on Monday.
The new prices of petroleum products for the fortnight will be applied after midnight on May 15.
Let it be known that at the international level, the price of crude oil in the Brent oil market remained high.
Earlier this month, the government reduced the price of diesel by Rs5 per litre while the price of petrol remains unchanged. Petrol is being sold at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre at the moment.
