ISLAMABAD – Govt Considering Bringing Down Petroleum Prices. Prime Minister Imran Khan, on Tuesday, chaired a meeting to consider prices of petroleum products. The meeting also focused on current price mechanism, factors and comprehensive strategy to bring down petroleum prices.
According to details, the Oil and Gas Regulatory Authority (Ogra) had proposed to the government a decrease of Rs7.23 per litre in the price of high speed diesel (HSD) and Rs5.79 per litre cut in price of petrol for March. The regulator has sent the summary to the Ministry of Energy. After that, it would go to the Finance Ministry for approval.
The development comes after the prices of oil tumbled to their lowest since January 2019. With WHO declaring coronavirus a global pandemic, experts fear it could slow the global economy and erode demand for crude. Govt Considering Bringing Down Petroleum Prices.
If the government approves the Ogra’s recommendation, petrol price will go down from the existing Rs116.6 per litre to Rs110.81 per liter. High Speed Diesel price will reduce to Rs120.03 per litre from the current Rs127.26 per litre.
PM office media wing in a press release said that the meeting was attended by minister for Energy Umar Ayub. Along with minister for Planning Asad Umar, special assistant Nadeem Babar and other senior officials.