Islamabad: The Oil and Gas Regulatory Authority (OGRA) has sent a proposal to the Samri Petroleum Division to make petroleum products cost up to Rs.9 per litre from August 1.
The proposal for petrol at Rs 7, high-speed diesel 9 rupees 50 rupees, light diesel oil 6 rupees and clay oil at Rs 6 per litre has been proposed by the Oil and Gas Regulatory Authority.
New prices of petroleum products will be announced after approval by Prime Minister Imran Khan.
The federal government had raised the prices of petroleum products by a record 25 rupees 58 rupees last month. High-speed diesel was 21 rupees 31 and clay oil was expensive at Rs 23 to Rs 50 per litre. In addition, the price of light diesel was increased by Rs 17 to Rs 84. These days high-speed diesel is being sold for 101 rupees 46 rupees, clay oil 59 rupees 6 p.m., light diesel 55 rupees 98.
Also read: Petrol record 25 rupees 58 rupees expensive, price once again crossed the snout
The government’s notification said the rise in global oil prices was the reason for the rise in petroleum prices.
It was clear that the government had made petroleum products cheaper in the lock-down period due to the Coruna virus, from 56 to 89 rupees per litre.
Petrol was cheaper at Rs 37 per litre from March 25 to June 1. During the same period, the price of high-speed diesel was reduced by 42 rupees to 10 rupees per litre, while the price of clay oil was reduced by 56 rupees to 89 rupees and light diesel was 39 rupees 37 rupees per litre.
On May 31, the government announced a further reduction in petrol prices by Rs 7 per litre, after which it was reduced to Rs 74 to Rs 52 per litre. However, the next day, June 1, there was a severe shortage of petrol across the country.
The same day, a letter sent by the Petroleum Division to the Oil and Gas Regulatory Authority (OGRA) said that the megas and oil marketing companies (OMCs) were not allowed to use the same. The country’s supply of products can be reduced to the financial benefit of a possible increase in petroleum products from July 1, 2020.
It said that as a regulator to avoid the crisis, OGRA should direct OMCs to ensure the supply of stocks at every retail outlet in the country.
On June 3, Ogra issued a notice to six oil marketing companies over the petrol suspension, while complaints of petrol storage were also raided at oil depots across the country. However, no success was achieved to ensure the supply of petrol.
Due to the continued shortage of petrol across the country, the government on June 8 came up with a principle decision to completely deregulate petrol prices and marketing and end the pricing uniformly.