The government might pass on a further cut in the petrol price reduction during the month of June, as per the reports of local media.OGRA has forwarded a summary to the Finance Ministry for revision in the oil prices.
The government might pass on a further cut in the petrol price reduction during the month of June, as per the reports of local media.OGRA has forwarded a summary to the Finance Ministry for revision in the oil prices. It suggested up to Rs.7 per liter cut in the petrol prices and Rs.5 reduction in the high-speed diesel prices.
As per the summary, the price of kerosene is expected to decrease by Rs.11.88 per liter while that of the light-speed diesel to reduce by Rs.9.37 per liter.
Following the reduction, the price per liter of the petrol will likely become Rs.74.52, that of HDL Rs.80.10 and Rs.38.14 and Rs.35.56 of LDL and Kerosene respectively.
On the 30th of April, the federal government made a major cut in the prices of petroleum products for May. The petroleum product prices were decreased up to Rs.15 as the new rate was fixed at Rs.81.58 from the 1st of May.
Furthermore, Rs.27.15 was cut in the price of high-speed diesel and the new price had been fixed at Rs.80.10. The new rates of light-speed diesel and kerosene were Rs.47.51 and Rs.47.44 respectively.
Oil and Gas Regulatory Authority (OGRA) was established by the Federal Government on March 28, 2002, in pursuance of the Oil and Gas Regulatory Authority Ordinance, 2002 The objective of OGRA is to “foster competition, increase private investment and ownership in the midstream and downstream petroleum industry, protect the public interest while respecting individual rights and provide effective and efficient regulations”. The Authority comprises of Chairman/Chairperson and three Members viz; Member (Gas), Member (Finance) and Member (Oil) who are professionals with rich experience in their respective fields.
They can serve for a maximum of two terms subject to retirement on attaining the age of 65 years. Consequent upon the establishment of OGRA, the Natural Gas Regulatory Authority (NGRA) was subsumed by the OGRA. All properties and works done by the NGRA were transferred to and protected under the OGRA Ordinance. OGRA was, therefore, in a position to start its functions in respect to natural gas immediately upon its establishment.