Islamabad – The petroleum division of the Pakistani government said on Monday that it has slashed Petrol and Diesel prices by significant margins starting from August 1. This is after they recorded a drop in international oil prices, and therefore harmonizing production will cut down production costs.
The sources in the Finance Division claimed that the new PLM powder will trim Rs6. 17 from the litre of petrol and high-speed diesel will be cheaper by Rs10. 86 for a litre. These increases and decreases were determined by the Oil and Gas Regulatory Authority (OGRA) in relation to the oil market.
Specifically, for the last two weeks, the average price for petrol was declined from $89. 50 to $87. 50 per barrel, and HSD from $96. 93 to $94 per barrel. Also, cutting on the prices of imported clerk for both fuel also helped to reduce the festive’s price.
Petrol retail price current price is at Rs269. 43/liter as compared to the previous rate of Rs275. 60 a liter. HSD has gone up to Rs272. 77 per liter at present from Rs283. 63 in the past.
Also, the Ministry of Petroleum has cut the price of kerosene by Rs6. 32 per litre on a global average to Rs177. 39 per litre. Similarly, LDO has also reduced by Rs5. 72 making the new defined price as Rs 160. 53 per liter.
One thing which needs to be mentioned here is that the government is still collecting petroleum levy at the rate of Rs: 60 per liter on both the petrol and high speed diesel while as general sales tax has been removed on both the products.
This might be of comfort to consumers in the light of this fiscal year’s recent acute fuel price hikes.