ISLAMABAD – Following 40-50 per cent decrease in oil prices on the international level, the government seems hesitant in transferring the benefits to the public.
The Oil and Gas Regulatory Authority (OGRA) on Friday forwarded a summary to the Ministry of Finance recommending a reduction of only 10 per cent in the prices of petroleum products. OGRA has stated in the summary to decrease petrol by Rs7.56, high speed diesel and high octane by Rs10.15 whereas kerosene by Rs8.17 from February 1.
In case the summary is approved by the prime minister, light diesel will undergo a price-cut of Rs7.36. On the other hand, a resolution proposing to fix petrol price as Rs40 per liter has been submitted in the Punjab Assembly.
The resolution submitted by opposition leader Mehmoodur Rasheed states that petroleum products prices in the global market are on the lowest level therefore it is being demanded from the federal government to provide relief to the inflation-stricken nation.