Petroleum prices likely to go down from August 01

Web Desk –  July 31, 2022

ISLAMABAD: The prices of petroleum products are estimated to decrease by up to Rs11 per litre for the next fortnight mainly because of lower international oil prices.

According to a summary forwarded to PM by Oil and Gas Regulatory Authority (Ogra), Rs8 per litre would be decreased on the price of high-speed diesel, while the price of petrol would cut down by Rs11 per litre.

Earlier, the Economic Coordination Committee (ECC) approved an increase in sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers.

Informed sources have learned that in the ECC meeting chaired by Finance Minister Miftah Ismail in Islamabad, the demand for an increase in the sales margin of petroleum dealers OMCs by 7 rupees per liter has been accepted.

The OMCs and petroleum dealers have been seeking an increase in their sales and distribution margins by around 6 per cent to the premise of an increase in the costs of doing business and inflation.

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