ISLAMABAD: Prime Minister of Pakistan Nawaz Sharif has approved Oil and Gas Regulatory Authority (Ogra) summary recommending dratic cut in petroleum products prices by up to Rs14.93 per liter , which will be effective from November 1, 2014.
Ogra 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. As the prime ministry has approved the summary, the reduced prices will be effective from Nov 1, 20014.
The cut is a major relief to the inflation-stricken 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.
On Thursday, Orga sent the summary to the government recommending to cut petrol price by Rs9.93 per liter, HOBC (high octane blending component) by Rs14.83 per liter, 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 liter cut in price of kerosene oil.
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