LPG price slashed by Rs15 per kg

The Oil and Gas Regulatory Authority (Ogra) has slashed the price of Liquefied Petroleum Gas (LPG) by Rs15 per kilogramme to Rs232 per kg for the month of May.

According to a notification, the price of domestic cylinder has been reduced by Rs180 and commercial cylinder by Rs692. The domestic cylinder will now be sold at Rs2,736 while commercial cylinder at Rs10,532.

The new price will be effective from May 1 (today). Meanwhile, the federal government has rejected Ogra’s proposal as it decided to maintain the prices of petroleum products at the current rate with effect from May 1.

The financial burden to maintain the prices will be borne by the government. Ogra had sent a summary to the federal government for an increase in the prices of petroleum products for 15 days with effect from May 1 but it was rejected by Prime Minister Shehbaz Sharif following which the finance ministry announced on Saturday that the rates would remain unchanged.

According to a notification issued by the finance ministry, the price of petrol will remain at Rs149.86 per litre; high speed diesel Rs144.15 per litre; kerosene oil Rs125.56 per litre and light diesel oil Rs118.31 per litre.

Earlier this month, Finance Minister Miftah Ismail, during his Washington visit, told the US think tank Atlantic Council that the government would have to increase the price of petroleum products to get the country’s economy back on track and revive the stalled bailout programme with the International Monetary Fund.