Islamabad: The Oil and Gas Regulatory Authority (OGRA) sent its summary to the government that recommended up to Rs4.50 per litre reduction in petroleum prices for the next month.`.
The regulatory body sent summary on Thursday which suggested cut down in the prices of fuel to transfer the benefit of lower prices in world markets to the consumers.
The regulatory authority suggested a reduction of Rs4.5 per litre in high-speed diesel (HSD) to Rs 102.20, petrol down by 50 paisa to Rs90.47 per litre, kerosene oil rate to go down by Rs2 to Rs80.98 per litre.
The new prices will be enforced from Feb 1 after the approval of the Prime Minister Imran Khan.
The taxes on petroleum generate the revenue for the government. At present, govt recieves 17% General Sales tax (GST) on all petroleum products.
Until Dec 31, 2018, the government was charging 0.5pc GST on light diesel oil, 2pc on kerosene, 8pc on petrol and 13pc on HSD.
The prices of the petroleum products are on rise since th start of 2017, except for few reductions the prices have greatly increased.