ISLAMABAD: Oil and Gas Regulatory Authority (OGRA), through a notification issued on Saturday, announced a major decline in prices of petroleum products, CNG and also gas for domestic consumers effective from July 1.

In a second major reduction in two months, OGRA has brought down the price of petrol by Rs 5.2 per litre to Rs84.49 while diesel was made cheaper by Rs2.48 to Rs97.21 and HOBC by Rs6.44 Rs106.88.

The rate of light diesel has been slashed by Rs2.86 to Rs83.71 and kerosene oil Rs2.54 to Rs86.25.

According to the OGRA notification, the prices of Compressed Natural Gas (CNG) have also been decreased. In Region-1 that covers Potohar, Khyber Pakhtunkhwa and Balochistan, the rate of CNG has been eased by Rs4.59 per kilogram to Rs77.36.

In Punjab and Sindh that forms Region-2, the rate of CNG declines by Rs4.20 per kg to Rs70.63.

OGRA also announced decrease of up to 51.77 per cent in gas tariff for domestic consumers. However, the tariff has been raised for the industrial and power sector with the exemption of CNG sector for which gas has been made cheaper.

Morever, the fertilizer sector will continue to receive gas at the existing rate. The industrial and power sector will now get gas at an increased rate of Rs560 per MMBTU compared to the previous price of Rs507.86.