The Finance Ministry has approved a cut of up to Rs 5.61 per litre in the prices of petroleum products as per recommendations of the Oil and Gas Regulatory Authority (OGRA) with effect from April 1.
The Finance Ministry, after seeking consent of the Prime Minister has decided to endorse OGRA’s recommendations regarding reduction in oil prices for the month of April. The notification of the new prices will be issued on March 31 under a monthly review mechanism.
“The decision of decrease in the petroleum prices has been made in the wake of declining crude oil prices in the Gulf market. The prices in the international market have dropped by $3 per barrel in the international market. Upward trend in the value of Pakistani rupee is also a factor,” a senior official at the Finance Ministry told the media.