Mohammad Arshad Islamabad
Prices of petroleum products are likely to be changed from Thursday, April 1, 2021 as the Oil and Gas Regulatory Authority (OGRA) has forwarded as summary to the Petroleum Division for changing the prices of petroleum products.
Presently there is a trend of lowering prices of petroleum products in the international market.
Prices of petroleum products are reviewed fortnightly and decision is made in the light of prevailing status of prices in the international market.
On March 15, the government the federal government had decided against raising the prices of petrol and high-speed diesel in the country, rejecting a summary forwarded by the Ogra.
The petrol and high-speed diesel prices remained unchanged at Rs111.90 per litre and Rs116.8 per litre respectively.
Now in the view of sliding prices of petroleum products in the international market, OGRA has moved a summary to the Petroleum Division to slash the slightly at domestic level; however, according to well-placed sources, there may be not a huge cut in the prices of petroleum products.
As per OGRA’s summary there is chance of a reduction of Rs1.50 per litre petrol and Rs 2.50 per litre diesel; however, if the government increases the ratio of levy on petroleum products then the prices may remain unchanged. Currently, the levy on petrol is Rs11.23 per litre and Rs12.74 per litre on diesel.
As per procedure, OGRA moves summary to Petroleum Division; however, the prime minister makes the final decision about the prices of petroleum products.
The petrol and high-speed diesel prices remained unchanged at Rs111.90 per litre and Rs116.8 per litre respectively.
Currently, the price of light-speed diesel stands at Rs81.42 per litre after a hike in price by Rs2.19 per litre while the price of kerosene oil was raised by Rs3.42 per litre to sell at Rs83.61 per litre.
