The federal govt has to approve
The Oil and Gas Regulatory Authority (OGRA) has recommended a reduction in the price of petroleum products by up to Rs2 per litre from November 1.
In a summary, OGRA has proposed a reduction in the price of petrol by Rs0.5 per litre and high-speed diesel by Rs2 per litre. According to OGRA, prices can also be maintained by increasing the rate of petroleum levy.
A summary has been sent to the federal government. The new prices will be announced after Prime Minister Imran Khan approves them.
The Ministry of Finance will announce the prices of petroleum products on October 31. The new prices will be fixed for 15 days.
Two weeks ago, the government decided to maintain the prices of petroleum products for the next 15 days. OGRA had sent a summary of a Rs2 per litre increase in prices to the Ministry of Petroleum.