The Oil and Gas Regulatory Authority (OGRA) has announced a major cut in the price of liquefied petroleum gas (LPG) on Tuesday. The authority has also issued a notification to implement the new rates.
OGRA LPG prices today
According to the notification, the price of LPG has been reduced by Rs68 per kilogram. After the reduction, the new official price of LPG has been set at Rs241 per kilogram.
Before this, the federal government announced a major cut in petroleum prices, as well. The reduction provides relief to consumers across the country.
Petrol prices were reduced by Rs74 per litre, bringing the new price down to Rs299 per litre.
The price of high-speed diesel was also cut by Rs67 per litre, with the new rate fixed at Rs311 per litre.
Now, OGRA has also reduced the price of kerosene oil and issued a notification to implement the new rate.
New petroleum prices stabilisation fund
The federal government has established a Petroleum Prices Stabilisation Fund to help keep petroleum product prices stable in the future, according to the reports on Monday.
The Ministry of Finance has also issued an official notification confirming the establishment of the fund, according to reports.
The notification said that the fund was created after receiving approval from the federal cabinet.
A separate account will be opened under the Public Account of the Federation to manage the fund.
It also said that all money collected for the fund will be deposited into this account. The Ministry of Finance, the Petroleum Division, and OGRA will jointly prepare the rules for operating the fund.
Before this, the federal government announced plans to introduce a new mechanism to make the petrol pricing system more transparent.
Federal Minister for Petroleum Ali Pervaiz Malik said that a high-level committee has been formed on the instructions of Prime Minister Shehbaz Sharif to develop the new system.
He said that the committee is expected to share positive news with the public in the coming days.
