A reliable source says that the Oil and Gas Regulatory Authority (OGRA) has started working on a plan to lower fuel prices in response to a drop in the price of oil on the world market. ARY News, citing sources, said petroleum product prices are expected to fall by up to Rs10 per litre starting September 1, owing to a drop in worldwide oil prices.
According to reports, the regulator would send a summary to Prime Minister Shehbaz Sharif outlining plans to reduce petrol and diesel prices by Rs 10 per litre. If authorised, the increased prices will be implemented on September 1. The government intends to raise the fee by Rs 50 per litre.
Earlier, it was stated that Pakistan has guaranteed the International Monetary Fund (IMF) that it will progressively raise the tariff on petroleum goods to Rs 50 per litre, citing reliable sources. In the letter of intent, Pakistan committed to gradually raising the charge on petroleum products to Rs 50 per litre.
Previously, the federal government raised the price of gasoline by Rs 6.72 per litre for the remainder of August 2022.