Few days back while recommending the petroleum prices for March 2016 OGRA (Oil and Gas Regulatory Authority), had recommended the 8.48 Rs decrease in price of petrol, which eventually have been approved by government today. The new price of petrol is set to Rs. 62.77 per liter. The price of High Speed Diesel (HSD) was also reduced by 4.67 per liter by setting it to the Rs. 71.12 per liter.
Light Diesel price was also Reduced by Rs. 1.97. Also, OGRA had recommended the increase of Rs. 1.66 in prices of Kerosene oil, which was not approved, resulting in no change in prices of Kerosene oil.
Reduction of all the prices was resulted by dropping prices of petroleum products in the international market. Normally, OGRA announces the change in petroleum prices, however, this time as mostly the prices were being reduced, so Prime Minister Nawaz Sharif did not let go the opportunity to announce the price drops. He also mentioned that Pakistan is only country in region which is passing the drop in fuel price to the masses. But in reality, in percentage government of Pakistan is taking much more tax on every litter than they were taking, when the prices were on peak.