The Oil and Gas Regulatory Authority (OGRA) has proposed a reduction in the prices of petroleum products, whereby the price of petrol can drop by Rs10 per litre.
The authorities are considering a reduction in petrol prices by Rs7 to Rs10 per litre, and they have proposed a decrease of Rs8 per litre for diesel prices.
OGRA has sent a summary of the reduction in the prices of petroleum products to the government.
The finance minister will engage in consultations with the prime minister regarding the recommendations, and the final decision on the prices of petroleum products will made on Monday.
The new prices of petrol products for the next 15 days will applied after midnight on May 15.
It should be noted here that in the last 14 days, the price of crude oil in the Brent oil market was as high as $77.44 per barrel.
Published in the Logical Baat, May 16, 2023.