The government is likely to reduce the prices of petroleum products by up to Rs7.67 per litre from September 1st, it was learnt on Friday.Sources in the Oil and Gas Regulatory Authority (OGRA) informed Profit that the authority, in its working paper regarding oil prices in September, has proposed Rs7.67 per litre cut in the per litre price of high-speed diesel. The working paper has been forwarded to the ministries of petroleum and finance for further evaluations, they added.
As per the sources, the finance ministry would consult Prime Minister Imran Khan over the workings of OGRA before announcing the September oil prices.“If the PM approves the workings of OGRA, then petrol will be available at Rs113.24 per litre in the open market, which is Rs4.59 less than what was charged in August,” they said.
Sharing further details, sources said the government may reduce the price of high-speed diesel by 7.67 per litre to Rs124.8 litre. “The price of light diesel oil (LDO) is likely to reduce by Rs6.70m per litre to Rs90.82, while that of kerosene oil may decrease by Rs4.27per litre to Rs99.57,” sources added.OGRA has already completed its consultations with the oil marketing companies regarding future oil prices, sources said, adding that oil prices could further reduce if the finance ministry decreases the rates of levies and taxes imposed on petroleum products.
At present, petrol is being sold at Rs117.83 per litre, high-speed diesel (HSD) at Rs132.47, light-diesel oil at Rs97.52 and kerosene oil at Rs103.84 per litre.It is pertinent to mention that approval to the proposed cut in oil prices would provide much-needed relief to the masses who are already struggling to make ends meet amidst rising inflation. The reduction in POL prices would also help decrease the prices of several daily use items.