Petrol prices likely to go down by up to Rs10 per litre

Islamabad: The Oil and Gas Regulatory Authority (OGRA) has prepared a summary for the new oil price to be effective from December 16, 2021 where it has proposed a cut in petrol prices.

According to the sources, the OGRA has proposed reduction in prices of petroleum products by Rs 8 to 10 per liter. The sources said that the OGRA has prepared three proposals regarding the prices of petroleum products.

The prices of petroleum products in the global market remained at 74 per barrel. Prices of petroleum products decreased by 10 per cent compared to last month and the government bought oil at 68-74 per barrel in the last 13 days. There is no justification for hike in prices of petroleum products.

According to OGRA sources, a reduction in prices of petroleum products by Rs 8 to 10 per liter has been proposed due to reduction in petrol prices in the global market. “The government will finalise petroleum prices after determining tax rates. If the government increases levy, then the petrol price will be decreased only Rs4,” it added. 

The sources further maintained that the fuel prices can be maintained in case of increasing tax two time. The OGRA will send a summary to the government today.

It is noteworthy here that the revised fuel prices will come into effect from December 16. These prices of petroleum products will stay in place for next fortnight.