Petrol price slashed by Rs2.07 per litre
PHOTO: File.
The government on Monday reduced the price of petrol by Rs2.07 per litre effective from October 1, 2024.
Moreover, the price of high-speed diesel (HSD) has been reduced by Rs3.40 per litre.
The price of light diesel has witnessed a decline of Rs1.03 per litre while the price of kerosene oil has been slashed by Rs3.57 per litre.
The new price of petrol has been reduced from Rs 249.10 per litre to Rs247.03 Rs246.29 per litre.
The price of kerosene oil registered a decline to Rs154.90 per litre from Rs158.47 per litre and the price of light diesel oil has been slashed to Rs140.90 per litre from Rs141.93 per litre.
At present, the government is charging Rs60 per litre petroleum levy each on petrol and high-speed diesel.
The information ministry in a statement said that the price of petrol has been reduced by Rs28.57 per litre and Rs37.51 per litre high-speed diesel during the last two months following directions of the prime minister.
Petrol is used in motorbikes and cars and a reduction in its price will also result in some relief for the consumers.
High-speed diesel is widely used in the transport and agriculture sectors. Therefore, a reduction in its price will inflationary impact on consumers.
Kerosene oil is used in the northern part of the country where LPG is not available for cooking purposes. Pakistan army is its key user. Light diesel oil is used in industry.
Under the direction of PM Shehbaz Sharif, the benefit of a reduction in the prices of petroleum products is being passed on to the people.
The finance division had informed the prime minister in a summary that the prices of petroleum products have continued to fluctuate in the international market in the last fortnight.
Domestic consumer prices are required to be adjusted accordingly.
OGRA works out the consumer prices for the upcoming fortnight, based on the international prices and exchange rate variations.
OGRA had, accordingly, worked out prices of petroleum products and had proposed the reduction in consumer prices for the next fortnight.
The prices were also discussed with OGRA and Ministry of Energy (Petroleum Division), and recommendations were submitted for consideration by the prime minister.
Increase in LPG prices
The OGRA has raised the prices of liquefied petroleum gas (LPG) by Rs7.31 per kg effective from October 1, 2024. According to the notification, both producer and consumer prices have risen compared to September 2024.
Ogra in a statement said that the LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate. As compared to the previous month Saudi Aramco-CP has increased by 3.84%.
The average dollar exchange rate has slightly decreased by 0.125% resulting in to increase in LPG consumer price by Rs86.28/11.8 kg cylinder (2.99%). The per kg increase in LPG consumer price is Rs7.31.
For October, the notified LPG producer price has been set at Rs210,003.79 per ton, which reflects an increase of Rs7,312.04 from the previous month's price of Rs202,691.77 per ton.
On a per-cylinder basis (11.8 kg), the price for producers has increased from Rs2,391.76 in September to Rs2,478.04, indicating a rise of Rs86.28.
Similarly, the consumer price of LPG for October has also been revised upward.
The notified consumer price is now Rs251,303.79 per ton, up from Rs243,991.77 per ton in September.
This translates to an increase of Rs86.28 for a standard 11.8 kg cylinder, with the price rising from Rs2,879.10 to Rs2,965.38.
This price hike comes at a time when the demand for LPG is expected to increase as the country approaches the winter season, impacting households and businesses that rely on LPG for heating and cooking needs.