OGRA proposes major cut in fuel prices

The Oil and Gas Regulatory Authority (Ogra) on Wednesday recommended up to Rs44.07 per litre reduction in oil prices for the month of May.

In a summary sent to the Petroleum Division, the authority has proposed a decrease of Rs33.94 to Rs73.31 for the price of high-speed diesel (HSD).

It has also proposed a decrease of Rs20.68 per litre to Rs75.9 for petrol, which currently stands at Rs96.58.

Meanwhile, Ogra has proposed that kerosene oil’s price be cut by Rs44.07 to Rs33.38 per litre, a 56.9pc decline from the Rs77.45 per litre rate that went into effect in late March.

For light diesel oil (LDO), the price has been recommended to be slashed by Rs24.57 (-39.3pc) to Rs37.94 per litre. It costs Rs62.51 at present.

If the summary is approved by the prime minister, the finance ministry will make an announcement about the reduction in petroleum products’ prices on Thursday.