ISLAMABAD - Viewing the declining trend in the price of crude oil in international market, Oil and Gas Regulatory Authority (OGRA) has proposed reduction in the prices of Petroleum Oil and Lubricant (POL) products upto Rs 6.44 per litre for first half of July.

Sources privy to the development informed The Nation that Oil and Gas Regulatory Authority has forwarded its summary to the Ministry of Petroleum and Natural Resources (MP&NR) seeking further cut in the prices of petroleum products (POL) by Rs 6.44 per litre likely to be effective with the start of next month (July).

They told that Oil and Gas Regulatory Authority has suggested reduction of Rs 2.48 per litre in High-Speed Diesel (HSD), Rs 2.54 per litre in Kerosene oil, Rs 5.2 per litre in petrol while Rs 6.44 in High Octane Blended Component (HOBC), and Rs 2.86 per litre in Light Diesel Oil (LDO).

They said the new fortnightly prices would be announced on June 30th.

It is worth mentioning that with a proposed reduction of Rs 5.2 per litre, the new price of petrol is expected to stand at Rs 84.49 per litre, while High-Speed Diesel with a reduction of Rs 2.48 per litre is likely to stand at Rs 97.21 per litre and Kerosene oil with a decrease by Rs 2.54 per litre is expected to stand at Rs 86.25 per litre.

Similarly, with a cut of Rs 6.44 per litre in the price of High Octane Blended Component is likely to stand at Rs 106.88 per litre, and Light Diesel Oil price with a cut worth of Rs 2.86 per litre is also suggested to stand at Rs 83.71 per litre for first 15 days of July