ISLAMABAD: In the wake of the global oil price decline triggered by coronavirus lockdowns, the Oil and Gas Regulatory Authority (Ogra) proposed a 20-30 per cent cut in fuel prices for the month of May.
Ogra has submitted the report to the petroleum division of the energy ministry, according to an official, which will then forward it to the finance ministry for approval. The government will decide on Thursday on the price revision.
The regulator has proposed a decrease of Rs33.94 per litre, or 31.6%, in the price of high-speed diesel, which is mainly used in transportation and agricultural sectors. It has proposed a reduction of Rs20.68 per litre, or 21.4%, in the price of petrol, which is used in cars and motorcycles.
The cut in the price of high-speed diesel would reduce the inflation rate, affecting the economy directly. The demand for diesel has risen with the start of harvesting season leading the government to remove its import ban.
With the update, high-speed diesel prices will fall to Rs73.31 per litre compared with the current Rs107.25 per litre.
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