PM announces Rs8.48 per litre reduction in petrol price

Published: February 29, 2016
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PHOTO: REUTERS

PHOTO: REUTERS

ISLAMABAD: Prime Minister Nawaz Sharif announced on Monday a reduction of Rs8.48 per litre in the petrol price.

According to the premier, the decision has been taken keeping in view common people’s interest and to provide them relief.

After the reduction, the new price of petrol has become Rs62.77 per litre.

Oil prices expected to be slashed by up to 12% in March

Further, the price of Hi-Octane was decreased by Rs2.98, hi-speed diesel 4.67 while light diesel 1.97 per litre and kerosene oil Rs1.66.

The reduction came after a fall in international oil prices in the wake of the US lifting sanctions against Iran, with Pakistan also dropping restrictions on the country.

Last month, the Oil and Gas Regulatory Authority (Ogra) had recommended a 17% cut (between Rs7 and Rs11) in oil prices for February due to sharp decline in global oil prices, but the government slashed the rate by just Rs5, absorbing the remaining impact in General Sales Tax (GST).

Fuel prices may be slashed by 17%

The government decided last month to fix the rate of GST like the petroleum levy to prevent revenue loss following the decline in domestic oil prices.

Since prices began to fall in the international market, the government had claimed that it has passed it on to consumers, slashing fuel prices by as much as Rs40.

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Reader Comments (9)

  • PTI supporters
    Feb 29, 2016 - 8:44PM

    But……but….but…how can this bring health and education to Pakistan

    We don’t need cheap petrol we need education

    Hence noon league is corrupt they earn more commission on cheap petrolRecommend

  • Oil & Gas Regularity Authority (OGRA)
    Feb 29, 2016 - 10:14PM

    We have two clerks in our organisation. 1) Unable to recall his name who announces the raise in fuel prices and 2) Nawaz Sharif who announces the reduction in fuel prices.

    We should have one clerk to announce both raise and reduction. Why Nawaz Sharif announce the raise in fuel price as well? Silly Potato.Recommend

  • Mar 1, 2016 - 3:12AM

    Now Petrol is cheaper than many countries in the world. I wish it stays here at this price. Recommend

  • Old Ravian
    Mar 1, 2016 - 8:49AM

    Pakistan has the lowest petrol prices in the region. Petrol sells for 90 PKR in India, 130 PKR in Bangladesh, 93 PKR in Sri Lanka.Recommend

  • ishfaq
    Mar 1, 2016 - 11:27AM

    i m not supporter PML(N) but we have to appreciate the good steps.Recommend

  • debilitator
    Mar 1, 2016 - 12:38PM

    @Old Ravian PKR is Pakistani Currency, not Bangladeshi, Indian or Sri Lankan Currency. lolRecommend

  • Undisputedms
    Mar 1, 2016 - 2:11PM

    @debilitator Ravian mentioned all prices in PKR Pakistani Currency for comparability.Recommend

  • Tarique
    Mar 1, 2016 - 3:10PM

    @PTI supporters:

    Why you always criticize? Recommend

  • M.Imtiaz Ahmadani
    Mar 2, 2016 - 7:02AM

    Great work from our government,because our politician need more money for their nonrefundable loans than poor formers who return the money with interest.Recommend

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