Following the orders of Prime Minister of Pakistan, Raja Pervez Ashraf, the Oil & Gas Regulatory Authority (OGRA) has finally denotified a recent hike in petroleum products bringing the prices back to February-28-level.
The new prices take effect from Saturday midnight (March 4).Earlier, taking notice of the upward revision in petroleum prices, prime minister Saturday ordered OGRA to withdraw a notification it issued on Friday night with immediate effect.The Prime Minister issued these instructions during a meeting with Minister for Finance Saleem H. Mandviwala in the PM's House.
OGRA officials say they have brought the prices down after reducing the petroleum levy, which forced them to make some adjustments in the pricing formula.According to the latest notification, the petrol after a reduction of Rs3.53 will be retailed at Rs103.70/litre, diesel after a decrease of Rs4.35 at 109.21, kerosene oil after a cut of Rs3.79 at Rs99.90, and light diesel will be sold at its old price Rs94.98/litre after a slash of Rs3.79.