ISLAMABAD: After 30 percent cut in international oil rates, Oil and Gas Regulatory Authority (Ogra) has slasheed petrol price by Rs 9.66 per litre besides cutting prices of other petroleum products, says a notification issued on Sunday.
Standing Committee on Finance in its recent meeting has asked the CCP to play its active role in slashing of POL prices by at least Rs 20/lite. According to sources, he said that petrol prices will be cut by Rs9.66 to to 84.53 which brought the product price to the level of 2008’s. The Prime Minister also announced to cut High Speed Diesel by Rs7.12 per litre, High Octane by Rs10.18 per litre, Light Diesel Oil by Rs5.39 per litre.
Customs Today also demanded of the government in its report published on November 17 that the government should at least decrease petrol price by Rs 14/litre till November end and then same Rs 14/litre in December end.
Earlier this month, the government slashed fuel prices by up to Rs09.43 per litre. Commenting on the global trend, government officials said that domestic oil prices were likely to come down by Rs10 per litre for the month of December. However, they said, the final calculation is to be made by the Oil and Gas Regulatory Authority (Ogra).
Following the expected cuts next month, the price of High Speed Diesel (HSD), which is widely used in heavy transport vehicles and the agriculture sector, is likely to come down by Rs8 per litre. Similarly, the price of petrol could witness a cut of Rs10 per litre against its current price of Rs94.19 per litre. Kerosene oil, which is used as kitchen fuel in remote areas of the country, may record a decrease of Rs5 per litre. Its current price is Rs87.52 per litre. Likewise, consumers of High Octane Blending Component (HOBC), used mainly in luxury vehicles, are likely to enjoy a reduction of Rs10 per litre against the current price of Rs116.45 per litre.
The 30 per cent drop in the value of Brent crude, triggered by a sharp rise in US shale oil output, has provided an unparalleled opportunity for governments across the globe to slash rising fuel prices.