ISLAMABAD: Along with a reduction in prices of petroleum products for the fortnight from July 1, the ministry of petroleum has also decided to reduce the CNG price under the 60 per cent parity formula.

Sources in the finance ministry told Dawn that calculations made by Ogra had been approved and forwarded to the petroleum ministry.

A CNG price reduction worked out by Ogra suggests that the price of CNG in the Region-1 be reduced by Rs4.60 per kg and in Region-II by Rs4.17.

As a result, the new CNG price for Region-II which includes Karachi and the rest of Sindh and central and southern Punjab will be Rs70.66 per kg.

The CNG price for Region-I which includes Khyber-Pakhtunkhwa, Balochistan and Rawalpindi division and Islamabad will be Rs77.35 per kg compared to its existing price of Rs81.95.

However, the Gas Infrastructure Development Cess will continue to be Rs141 per mmbtu for Region-I and Rs79 per mmbtu for Region-II.