Hefty cut in POL prices approved

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Staff Report

ISLAMABAD: The federal government has made a major reduction in petroleum products’ prices between Rs15 to Rs30 for May, media reported on Thursday. The petrol price has been reduced up to Rs15 as the new rate will be Rs81.58 from May 1.
Moreover, Rs27.15 was reduced on high-speed diesel and the new price will be Rs80.10. The new rate of Kerosine oil will be Rs47.44 after Rs30 cut and Rs15 reduced on light diesel which will be available at Rs47.51 from May 1. The new prices will take into effect from 12:00 midnight today.
Earlier on Wednesday, the Oil and Gas Regulatory Authority (OGRA) had put forth a proposal to reduce prices of petroleum products up to Rs44 per litre for the month of May-2020 in the country. According to the details, OGRA has recommended Rs20.68 per litre cut in the price of petrol, diesel Rs33.94 per litre, light diesel Rs24.57 per litre and kerosene oil by Rs44.07 per litre. The summary for the revision of petroleum price for the month of May had been sent to the Ministry of Petroleum and after the prime minister’s approval.