Ogra recommends fuel price reduction in Pakistan

In a recent development, the petrol price in Pakistan has been decreased by Rs5.45 per litre, resulting in a new price of Rs288.49 per litre for the upcoming fortnight. This decision aligns with the recommendations put forth by the Oil and Gas Regulatory Authority (Ogra). The revised prices will come into effect from midnight on May 1, as confirmed by an official notification issued by the Finance Division.

Furthermore, the price of diesel has also witnessed a significant reduction, with a decrease of Rs8.42 per litre, bringing the new price to Rs281.96 per litre. For the period spanning from May 1 to May 15, 2024, the prices of petrol and high-speed diesel (HSD) will stand at the aforementioned rates.

The decision to lower fuel prices comes amidst efforts to provide relief to the general public and curb inflationary pressures. Ogra's recommendations play a crucial role in determining the pricing of petroleum products in Pakistan, ensuring a fair and transparent mechanism.

The reduction in petrol and diesel prices in Pakistan will likely have a positive impact on consumers, offering some respite from the economic challenges faced due to rising costs. It is a step towards stabilizing the fuel market and addressing the concerns of the populace.