Oil and Gas Regulatory Authority (OGRA) has notified new prices of petroleum products that have been reduced in the range of Rs 6.18 to Rs 14.68 as a result of global reduction in fuel prices, Petroleum Ministry officials said. According to a notification issued here on Friday, the authority has reduced the price of petrol by Rs 9.43 per litre from Rs 103.62 per litre to Rs 94.19 per litre and kerosene oil price reduced by Rs 8.16 per litre from Rs 95.68 to Rs 87.52 per litre.
High Octane Price has been cut by Rs 14.68 per litre from Rs 131.13 per litre to Rs 116.45 per litre, while high Speed Diesel prices reduced by Rs 6.18 per litre from Rs 107.39 to Rs 101.21 per litre. With the global oil markets buoyed by a glut of crude oil, the downward trend seen in the value of crude oil is likely to continue, which according to some experts is likely to touch as low as $60 per barrel in the international market.
“In the short term, the decline in oil prices would continue as Opec would meet after a month to decide whether or not the member countries should slash production to avoid further decline in oil prices,” a senior government official said. He added that Opec had been cutting oil production to maintain the prices, which have been hovering around $85 per barrel mark. The official said the average crude oil price in Pakistan would stand at $85 per barrel and its impact would be passed on to consumers. According to official, the government by reducing petroleum products’ prices will lose as much as Rs 1.5 billion on account of General Sales Tax (GST) collection.
SOURCE: RECORDER REPORT