ISLAMABAD: Federal government all set to make biggest ever cut in thepetroleum prices across Pakistan.
The prices of petroleum products in Pakistan are set for a steep fall — upto 57 per cent — on Thursday (today) for a month owing to about 30pc slumpin the international oil market.
Though a decision would be announced in consultation with the InternationalMonetary Fund (IMF) on Thursday, the Oil and Gas Regulatory Authority(Ogra) has worked out up to 57pc cut in various products’ prices witheffect from May 1 based on existing tax rates.
At present benchmark Brent crude prices have plunged by a massive 30pc to$20 a barrel from about $27 per barrel on March 25 when Pakistan lastrevised oil prices. The Brent crude price has tumbled by almost 65pc sinceFebruary 25. This is the steepest fall in oil prices in recent history.AOgra had calculated about Rs33.94 and Rs20.68 per litre reduction in theprices of high speed diesel (HSD) and petrol, respectively.
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Ministry of Finance and the Federal Board of Revenue (FBR) were tryingtheir best to pass on about half of the price reduction calculated by Ograto consumers and retain the remaining amount as windfall by increasing therates of petroleum levy.
