Ministry proposes cut in oil prices

ISLAMABAD: The Ministry of Petroleum has prepared a summary proposing a reduction in the prices of different petroleum products in the range of 5 to 10 percent.
Prime Minister Muhammad Nawaz Sharif will take a final decision today (Friday) on whether to pass on the full or partial benefit to consumers.The summary proposes reduction in the prices of petrol by Rs2.69 per litre, bringing it down from Rs77.79 per litre to Rs75.10 per litre with effect from August 1, 2015.
The reduction has been proposed on the basis of a working paper of the Oil and Gas Regulatory Authority (Ogra).The price of High Speed Diesel (HSD) is proposed to be reduced from Rs81.63 per litre to Rs78.12 per litre and HOBC from Rs83.81 to Rs82.81 per litre.
The price of light diesel oil is proposed to be reduced from Rs6.33 per litre to Rs55.18 per litre.The price of kerosene was proposed to be brought down from Rs64.94 per litre to Rs58.61 per litre.