ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has asked the government to decrease the price of petroleum products by up to Rs4.51 per litre from May 1, 2014.
As per the summary Ogra has sent to the Ministry of Petroleum and Natural Resources, prices in the international markets have surged considerably owing to which a lower reduction in POL prices has been proposed.
The reduction in the price of petrol has been proposed by Re0.34 per litre, which is very nominal. However, decrease in the price of High Speed Diesel has been proposed at Rs4.51 per litre, which will provide a reasonable solace to the masses as most of the transportation of all kinds of goods, including kitchen items, takes place on diesel-fired vehicles.
The reduction in the price of diesel will help reduce the prices of daily use items. The price of kerosene oil is proposed to be decreased by Rs3.08 per litre, Light Diesel Oil Re0.94 per litre and High Octane Blending Component (HOBC) Rs1.94 per litre.
Though dollar depreciated against the Pak Rupee yet consumers will not get the required relief just because of the fact that the price of petrol has surged to a reasonable level in the global market and this has deprived the consumers of petrol Rs1.20 per litre relief.
According to official sources, the Ministry of Finance is already collecting revenue from taxes on petroleum products and petroleum levy as per the current budget due to which relief in the POL prices recommended by Ogra will be passed on to consumers of all categories.
This means that the new price of petrol (motor gasoline) will be Rs107.97 per litre from May 1, 2014, High Speed Diesel Rs109.34 per litre, Light Diesel Oil Rs 94.13 per litre and kerosene oil Rs 98.07 per litre.
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