ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended a reduction in prices of petroleum products by up to Rs14.93 per litre , which will be effective from November 1, 2014 if approved by the Ministry of Petroleum and Natural Resources.
The Ogra has sent a summary to Ministry of Petroleum and Natural Resources recommending cut in petroleum products’ prices ranging from Rs7.11 to Rs14.93 per litre. If the Ministry approved the summary, the prices will be effective from Nov 1, 20014, which will be a major relief for the masses.
As petroleum product prices have fell considerably  in the the international market, the benefit of the decreasing will be passed on to the masses.
Ogra, the regulator, has sent its summary to the government recommending to cut petrol price by Rs9.93 per litre, HOBC (high octane blending component) by Rs14.83 per litre, LDO (light diesel oil) Rs 8.04 per litre and High Speed Diesel (HSD) by Rs 7.11 per litre. Also, Ogra has recommended Rs8.16 per litre cut in price of kerosene oil.
As the government is under pressure to ensure relief to the masses because of reduction in oil prices in the global market, the summary is likely to be approved by the government.
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