ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended a reduction in petroleum prices for the next fifteen days, which will bring some respite to the already inflation-hit people of Pakistan.
The regulatory body has sent a summary to the government to lower the prices of petrol and diesel by five to seven rupees and eight rupees per litre, respectively. However, it is also possible that the prices of these products may remain unchanged.
Finance Minister Ishaq Dar will consult with Prime Minister Shehbaz Sharif on OGRA’s recommendations before making a final decision. The new prices will be effective after 12 midnight (Sunday) and will remain in place for the next fifteen days.
The decline in prices comes at a time when the people of Pakistan are grappling with skyrocketing inflation.
The federal government has come under severe criticism for its inability to control the rise in prices of essential commodities, including petroleum products, which has had a cascading effect on other sectors of the economy.
Reduction in petroleum prices to provide relief to public
The reduction in prices is expected to provide some much-needed relief to the public, who have been struggling to make ends meet.
The decision to lower prices has been made despite the rising cost of crude oil in the international market. Brent oil prices have remained steady at 77.72 dollars per barrel, but the government has decided to pass on the benefit to the consumers.
It is hoped that the reduction in petroleum prices will help reduce the burden on the common man and provide some relief to the struggling economy.
