Petrol down by Re0.34 per litre, diesel by Rs4.51

ISLAMABAD: The government has reduced the prices of petroleum products with petrol going down by Re0.34 per litre, diesel Rs4.51 per litre and kerosene Rs3.8 per litre.

The overall reduction in the POL prises is up to Rs4.51 per litre from today (May 1, 2014) after accepting the recommendations of the Oil and Gas Regulatory Authority (Ogra).

In line with Ogra’s recommendations, this time the government has decreased the price of petrol by only Re0.34 per litre, which is nominal. While the dollar has depreciated against the Pak rupee, even then consumers will not get the required relief because of the fact that the price of petrol has surged to a reasonable level in the global market and this has deprived the consumers of petrol from the Rs1.20 per litre relief.

However, the government has substantially reduced the price of High Speed Diesel, which will provide a reasonable solace to the masses as most of the transportation of all kinds of goods, including kitchen items, takes place on diesel-run vehicles. The tumbling in the price of diesel will help reduce the prices of daily use items.

The price of kerosene has been decreased by Rs3.8 per litre, Light Diesel Oil Re0.94 per litre and High Octane Blending Component (HOBC) Rs1.94 per litre.

This means that the new price of petrol (motor gasoline) will be at Rs107.97 per litre from (today) May 1, 2014, High Speed Diesel Rs109.34 per litre, Light Diesel Oil Rs94.13 per litre and Kerosene Rs98.07 per litre.

According to a press release issued by the Prime Minister’s Secretariat, Finance Minister Ishaq Dar called on Prime Minister Muhammad Nawaz Sharif in London. The finance minister briefed the prime minister on the cumulative reduction in the POL prices in the last three

months and told him that the economic policies, stabilization in the value of rupee and an increase in the foreign exchange reserves had stimulated the recent reduction in the POL prices.

The prime minister directed the finance minister that benefits of the strong economy should reach the common man. The finance minister suggested a reduction in the POL prices after consultation with the Ogra and the Ministry of Petroleum and the prime minister approved a reduction in the POL prices.

The Nawaz government, during March-May 2014 period, reduced the petrol price by Rs4.71 per litre, diesel by Rs7.41 and kerosene by Rs8.69 per litre.