ISLAMABAD: A major cut of Rs 10 in petrol price and Rs 7.3 in diesel is likely following 20 per cent fall in oil prices in the global oil market.
According to media reports, the Oil and Gas Regulatory Authority (Ogra) has recommended the government to reduce Rs10 per litre in price of petrol and the price of high speed diesel (HSD).
It is pertinent to mention here that the government decided to keep the price of petrol unchanged for the month of February.
The Oil and Gas Regulatory Authority (OGRA) had recommended increasing diesel and light diesel oil (LDO) prices by Rs2.47 and Rs1.1 per litre respectively for February. However, the authorities have decided to keep the price of petrol unchanged at Rs116.60 per litre for February.
Since July 2019, Pakistan has been receiving monthly oil supplies worth $275 million from Saudi Arabia. Under this arrangement, Pakistan will get $9.9 billion over three years.