The Oil and Gas Regulatory Authority (Ogra) on Thursday recommended to the government for up to 12 percent decrease in the prices of different petroleum products, it is learnt reliably here.

The Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to Ministry of Petroleum suggesting to reduce the prices of petrol by 3 percent or Rs 2.69, High Speed Diesel (HSD) by 6 percent or Rs 5.48, kerosene by 10 percent or Rs 6.33, Light Diesel oil by 10 percent or Rs 6.33,JP by 12 percent or 6.48 percent, whereas HOBC will be reduced by Re 1.

According the summary the new price of petrol will be Rs 75.10, HSD Rs81.63, Kerosene Rs58.61, LDO Rs 55.18, JP1 RS 49.33 and HOBC will be Rs 82.81. The new petroleum prices will be applicable after approval by Finance Ministry. It is pertinent to mention here that for the month of July OGRA had recommended 5.5 percent increase in petrol price and about 8.5 percent in HOBC price but the Prime Minister had rejected the proposal. Earlier increase in the prices of the oil was the discretion of the finance ministry, which they were deciding purely on business bases with OGRA recommendation but now the PM is making the final decisions. Finance Ministry is no more uses its discretionary power in increasing the oil prices without PM approval.

The official said that the Finance ministry had free hand in the increase of the POL prices and was strictly following the recommendations of the Oil and Gas Regulatory Authority (OGRA) regarding increase in the prices of POL products. As soon the finance ministry would be furnished the summary from OGRA regarding the price increase they would swiftly approve it without asking any question. But this practice obsolete now as the finance ministry can no more directly pass the upward revision in the prices to the consumers and they have to consult the Prime Minister, the official informed. The Prime Minister Secretariat has strictly directed all the ministries that in all the decisions related to the consumers particularly in term of oil and gas, the orders of the PM will be sought and it will prevail.

The HSD sales across the country are over 600,000 tons a day and of petrol around 420,000 tons.