The Oil and Gas Regulatory Authority (OGRA) on Wednesday put forth a proposal to reduce prices of petroleum products up to Rs 44 per litre for the month of May 2020 in the country.
According to the details, OGRA has recommended Rs 20.68 per litre cut in the price of petrol, Rs 33.94 per litre in diesel, Rs 24.57 per litre in light diesel and Rs 44.07 per litre in the price of kerosene oil.
The summary for the revision of petroleum price for the month of May has been sent to the Ministry of Petroleum and after the prime minister’s approval, the new price will be announced for the public.
If approved, the new prices will come into effect from May 1. After the approval, petrol will then be available for Rs 75.9 per litre, high speed diesel Rs 73.31, kerosene oil Rs 33.38 and light diesel price will be sold at Rs 37.94 a litre.
A day earlier, Advisor to Prime Minister on Finance Dr Hafeez Sheikh had said the price of petroleum products will drop from May 1. “Once the cost of petroleum products decreases, the cost of traveling and investment in the energy sector will be reduced as well,” he had said.
On March 25, the federal government had reduced petrol price by Rs 15 per litre and said it would maintain that level for three months or even reduce it further. The continuous reduction in petrol price is a result of drop in international oil prices due to the coronavirus pandemic and subsequent lack of demand.
