Islamabad: The Oil and Gas Regulatory Authority (OGRA) has issued a notification on the prices of petroleum products.
OGRA has reduced the price of petrol by 35 paisa per liter, after which the new price of petrol has become Rs 315.80 paisa.
The price of diesel has been increased by Rs 5.71 paisa per liter, after which the new price of diesel has become Rs 360.06 paisa.
According to the notification, the new prices of diesel and petrol have been implemented for July 21.
It should be noted that the federal government had issued guidelines to OGRA in this regard.
OGRA will no longer need to take prior approval from the government to announce prices on a daily basis. The prices will be decided automatically on the basis of import cost and premium. If petroleum products are not imported, the price will be determined on the basis of the annual average premium.
The document clarified that no petroleum levy will be charged beyond the limit set by the federal cabinet, while any change or modification in petroleum levy will be possible only after the formal approval of the Ministry of Finance.
To maintain transparency, OGRA will be required to upload the global market reference rates on its website daily from July 1, 2026.
Under the new policy, oil marketing companies will be allowed to import petrol according to their market share. However, companies violating the import terms and conditions can be disqualified for up to 9 months. In addition, Pakistan State Oil will be eligible to import only high-speed diesel from the fiscal year 2027.
