ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) forwarded on Thu­rs­day a summary to ministries of petroleum and finance, recommending a reduction in prices of almost all petroleum products for December.

In the international market, the crude prices have fallen below $76 per barrel in the Middle East during the current month from $86 in October and $98 at the end of September. At the end of August, the crude was traded at $104 a barrel.

Also read: Big cut in petrol, diesel prices takes effect

If the recommendations of Ogra are accepted by the government, the price of petrol will come down to the July 2008 level and that of kerosene and light diesel to the April 2011 position.

Ogra has worked out the ex-depot price of petrol at Rs84.53 per litre, a reduction by 10.25 per cent from Rs94.19.

The ex-depot rate of high speed diesel will be reduced by Rs7.12 per litre to Rs94.09 from Rs101.21 and that of kerosene will be Rs83.51 per litre, down by Rs4.01 per litre from Rs87.52.

The price of HOBC at depots will be cut by Rs10 per litre (8.58 per cent) to Rs103 from Rs113.

The ex-depot price of light diesel oil has been worked out at Rs78.42 per litre, down by Rs5 from Rs83.42.

Apart from the Rs6 to Rs14 per litre petroleum levy, the government also charges 17 per cent general sales tax on the prices of all oil products.

Published in Dawn, November 28th, 2014