ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Saturday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of May, decreasing the commodity price by Rs180.28 per 11.8-kilogram cylinder.

According to the notification, the authority reduced the locally produced LPG price by Rs 15.27 per kilogram.

After the revised price, the LPG cylinder would be sold in the open market at Rs2,735.83 in May, which was available at Rs2,916.11 in April.

Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs231,850.07 for May. The commodity sale price per MT was Rs 247,128.35 in April. The new price would be effective from May 1.

Meanwhile, the LPG Industries Association (LPGIA) appreciated the government for such a significant reduction in the commodity price, terming it an ‘Eid Gift’ to the common man by Prime Minister Muhammad Shehbaz Sharif.

LPGIA chairman Irfan Khokhar, in a news release, said the current government believed in giving maximum relief to the masses and suggested that the LPG price could be further brought down with certain corrective measures.

He suggested fixing/freezing the LPG producer base price at Rs 40.000 per metric ton, increasing the local production and restarting Asia’s biggest plant, operated under Jamshoro Joint Venture Limited (JJVL), which was closed for the last two years.