Ogra recommends cut of up to Rs11.88/litre in petroleum prices
ISLAMABAD-Oil and Gas Regulatory Authority (Ogra) has Friday recommended cut of up to Rs 11.88 per litre in the prices of various petroleum products. In a summary moved to the Petroleum Division, Ogra has suggested a decrease of Rs 7.06 per litre in the price of petrol for the month of June.
As per the summary, Ogra has recommended a cut of Rs 11.88 per litre (25.04 percent) in the price of Superior Kerosene Oil (SKO) and Rs 9.37 per litre (19.72 percent) in the price of Light Diesel Oil (LDO).
Ogra has suggested a decrease of Rs 7.06 per litre (8.65 percent) in the price of petrol. However, for the High Speed Diesel (HSD) Ogra has proposed a decrease of Rs 0.05 per liter. Ogra has sent the summary for revision in oil prices for June to the Ministry of Energy (Petroleum Division), and that would be then forwarded to the Finance Ministry for approval. The government would take decision on the Ogra’s recommendations on May 31.
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In case the government approves the Ogra’s recommendation, the price of petrol will come down to Rs 74.52 per litre from the existing Rs 81.58 per litre, Superior Kerosene Oil will decrease to Rs 35.56 per litre from the existing Rs 47.44 per litre and Light Diesel Oil will come down to Rs 38.14 per litre from the current Rs 47.51 per litre. The price of High Speed Diesel will go to Rs 80.15 per litre from the existing Rs 80.10 per litre,
It is worth to mention here that for the month of May the government had reduced the prices of high speed diesel and petrol by Rs 27.15 and Rs 15 per litre respectively. Partially accepting the Oil and Gas Regulatory Authority (OGRA) summary regarding the price reduction, the government had also reduced the price of Superior Kerosene Oil by Rs 30.01 per litre and Light Diesel Oil by Rs 15 per litre.
For the month of May, Oil and Gas Regulatory Authority (Ogra) had recommended a decrease of Rs 33.94 per litre in the price of High Speed Diesel (HSD) and Rs 20.68 per litre in the price of petrol.
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The government is currently charging Petroleum Levy on petroleum products and increased PL on High Speed Diesel to Rs 30 per litre, Rs 23.76 on petrol, Rs 18.02 on SKO and Rs 11.18 on LDO. It is worth to mention here that in the previous government of PML(N) , the petroleum levy was in the range of Rs3 to Rs10 per litre. For the month of May, the government imposed Standard General Sales Tax (GST) of 17 percent on POL products.
Ogra seeks petrol,
diesel’s 3-month sale, stock details from OMCs
Meanwhile, the Oil and Gas Regulatory Authority (OGRA) has asked oil marketing companies (OMCs) to furnish a three-month data regarding depot-wise sales and stocks of petrol and high speed diesel by June 1. “You [OMCs) are directed to provide depot-wise sales and stocks data in respect of MS [petrol] and HSD [high speed diesel], as per the prescribed format, for the past three months (March, April and May) through return fax or email by 5 p.m. on June1. In case of failure to provide the above information within the stipulated time, legal action as per law shall be initiated,” the authority said in a letter written to chief executives of 33 OMCs operating in the country, a copy of which was available with APP. OGRA also advised the OMCs to ensure smooth supply of petroleum products at their retail outlets.
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Meanwhile, the authority asked the Hydrocarbon Development Institute of Pakistan (HDIP) physically check and confirm the availability of MS and HSD with all OMCs depots, retail outlets and refinery storages. “The retail outlets of all OMCs across the country be randomly inspected to ensure that sufficient product (MS HSD) is available and shortage, if any, observed be reported to OGRA,” OGRA said.
They authority asked the HDIP to initiate the inspections on ‘urgent basis’ and accordingly submit a report by June 3. “The inspection charges shall be borne by the concerned OMC and refinery.”
OGRA also advised OMCs to ensure availability of their staff at all storage locations for access and smooth conduct of inspections by HDIP especially on May 30 and onward till June 2. “All OMCs will also ensure maximum cooperation and availability of relevant documents at their retail outlets.”
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Article source: https://nation.com.pk/30-May-2020/ogra-recommends-cut-of-up-to-rs11-88-litre-in-petroleum-prices