The Oil and Gas Regulatory Authority (OGRA) has sent two proposals to the government for a revision in petroleum prices, recommending retaining the prices at the existing level to fill up the gap in petroleum levy or reducing them marginally, between 0.20 paisas to Rs 2 per litre, for various POL products.
An official source said POL prices in the international market had dripped by six percent in May, but the decrease was not viable locally, as the government had collected less petroleum levy. The target of petroleum levy was set at Rs 90 billion for the current fiscal year, but after the hike in international oil prices from November, the government claims it absorbed a shock of Rs 40 billion by not transferring the impact on to the consumers.
