ISLAMABAD – Drastic cut in the prices of petroleum products across thecountry by PTI government is proposed.
The Oil and Gas Regulatory Authority (Ogra) has proposed to the governmenta decrease of Rs7.23 per litre in the price of high speed diesel (HSD) andRs5.79 per litre cut in price of petrol for March.
The regulator has sent the summary to the Ministry of Energy that would bethen forwarded to the Finance Ministry for approval.
The development comes after the prices of oil tumbled to their lowest sinceJanuary 2019, as further novel coronavirus cases outside China fanned fearsthat a pandemic could slow the global economy and erode demand for crude.
Read Top Stories
Brent crude contract for May was down 90 cents, or 1.7pc, at $50.83 abarrel on Friday, a 14-month low. The international benchmark, which fellabout 2pc on Thursday, has shed around 12pc this week and is on track forits steepest weekly decline since mid-January 2016.
If the government approves the Ogra’s recommendation, petrol price will godown from the existing Rs116.6 per litre to Rs110.81 per liter, and HSDprice will reduce to Rs120.03 per litre from the current Rs127.26 per litre.
