ISLAMABAD: Finance Minister Ishaq Dar on Tuesday denied allegations that the Oil and Gas Regulatory Authority (OGRA) had proposed lowering petrol prices for the first two weeks of the current month.
On Twitter, the finance minister stated that various claims in the press and electronic media stating that OGRA issued a recommendation to the government for a reduction in the price of Motor Spirit and Petrol with effect from 1st May 2023 are untrue and false.
Clarification!
Some reports have been circulating in the press and electronic media stating that OGRA made recommendation to the Government for reduction in the price of Motor Spirit/Petrol with effect from Ist May 2023, which are baseless and untrue.
— Ishaq Dar (@MIshaqDar50) May 2, 2023
Meanwhile, OGRA spokesperson Imran Ghaznavi stated in a brief press statement that the authority does not recommend lowering petrol prices. He also stated that the outstanding exchange rate adjustment had countered the recent fall in international pricing, and hence there was no room for a decrease in MS/Petrol local prices.
Petrol price unchanged
The federal government said last Sunday that the price of diesel would be reduced by Rs5 per litre, but that the price of petrol would remain unchanged for the next two weeks. Dar stated that the new rates had been worked out to bring “maximum relief” to the masses per Prime Minister Shehbaz Sharif’s directives. The finance minister also announced an Rs10 per litre price cut for kerosene and light diesel oil (LDO).
Following the announcement of new prices, petrol costs Rs282, HSD costs Rs288, kerosene costs Rs176.07, and light diesel costs Rs164.68 per litre. Before the new petroleum prices were announced, sources in the oil marketing companies (OMCs) said that the price of petrol was likely to fall by Rs4.5 per litre, while the price of diesel was expected to fall by Rs6 per litre.
