Ogra puts forward recommendations to cut petroleum products

By: News Desk      Published: 01:10 AM, 30 Sep, 2020
Ogra puts forward recommendations to cut petroleum products

The Oil and Gas Regulatory Authority (Ogra) Tuesday put forward recommendations to bring down the prices of petroleum products by Rs2 per litre from next month.

The renewed prices will be publicised after the approval of Prime Minister Imran Khan, which will come into effect from October 1.

The authority recommended fuel price cut after the international market brought the price down. The federal government on September 15 had announced maintain the fuel prices for the next 15 days in the country.

The prices turned lower on Tuesday as growing Covid-19 cases rekindled fears of a stalled demand recovery while the market and coronavirus cases in major European economies are dragging market sentiment down. 

The continued increase of Libya’s oil production at times of uncertain global demand recovery is also weighing on prices.

For the ongoing month in Pakistan, Prime Minister Imran Khan rejected Ogra recommendation for raising fuel price rates, saying people should be provided with relief as they have been struggling in wake of coronavirus pandemic and downpour damage.