Islamabad: Government on Tuesday announced that it will slash oil prices by up to Rs4.71 per litre from Wednesday, following a reduction in global oil prices. The Dispatch News Desk (DND) reports.
While turning down the proposal of Oil and Gas Regulatory Authority (Ogra) to pass on full relief to the consumers, the finance ministry absorbed some impact in rate of petroleum levy to bring it to the budgeted level. The rates of petroleum levy have been brought to the budgeted level as Rs 10 per litre on petrol, Rs 6 per litre kerosene oil, Rs 8 per litre HSD and Rs3 per litre on LDO.
The price of petrol, the most commonly used fuel in cars, will be reduced to Rs 97.59, down from the current rate of Rs 102.30 per litre after a cut of Rs 4.71 per litre. The price of high-speed diesel (HSD), used mainly in transport vehicles and agriculture, will be reduced by Rs 2.53 per litre to Rs 106.06 per litre from Rs 108.59 per litre.
Kerosene oil, used as fuel in remote areas where liquefied petroleum gas (LPG) is not available, will see a price reduction of Rs 4.09 per litre. After the reduction, kerosene oil will be sold at Rs 94.17 against Rs 98.26 per litre. The price of light diesel oil (LDO), used for industrial purposes, will fall by Rs 4.22 per litre to Rs 89.06 against Rs 93.28 per litre. Similarly, the price of jet fuels JP-1 and JP-8 will come down by Rs 5.21 per litre to Rs 83.44 and Rs 83.11 per litre respectively.