Succumbing to pressure: Petroleum price hike expected to be reduced by up to 28%
In response to a summary moved by the Petroleum Ministry, the Finance Ministry approved a cut of Rs2.23 per litre in the price of petrol, Rs1.16 per litre reduction in High Speed Diesel and Rs1.74 per litre in kerosene oil.
After the reduction in price, the new price of petrol will be Rs103.36 per litre, High Speed Diesel Rs107 per litre and kerosene oil Rs99.95 per litre.
The government also slashed the price of CNG by Rs 1.95 per kilogram, bringing it down from Rs 88.70 per kg to Rs 86.75 per kg in areas of Khyber Pakhtunkhwa, Balochistan and Potohar Region (Rawalpindi, Islamabad and Gujarkhan).
In Sindh and Punjab (excluding Potohar Region), the price was reduced by Rs 1.78 per kg, bringing it down from 80.98 per kg to 79.20 per kg.
The Oil and Gas Regulatory Authority (Ogra) will issue notification later tonight, with the new prices due to come into effect on April 4.
The reduction in the prices of petroleum products came after massive countrywide protests launched by political parties, traders, transporters and the public. Earlier in the day, Karachi transporters called for a strike on April 10 to protest against the price hike.
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Can't find any mention of Hi-Octane in the article - talk about a misleading picture too
As for the person above me comparing current prices to those in the Musharraf regime - how ignorant are you? I would personally pick Musharraf over the current government, but you do need to realize oil prices are on the up worldwide. Prices in USA and Canada have risen by 10% in the last month or so - it's just that we don't have a proper public transport system in Pakistan which people can rely on in times like these. Cut down on fuel allowance of ministers and other government officials and use those funds to invest in public transport!
Great news... Print more money inflation will take care of this.
Well, it was bound to happen.... I don't know who the Govt. is fooling ! As always, an exponential increase and then reduction in price - to the desired final price. And this all happens because Democracy is the best revenge. I now vaguely remember petrol being around PKR 60 in the days of Gen. Musharraf. It seems such a distant past.
I don't care for dictatorship or democracy, all i need is some peace of mind so that i can plan the next day without thinking about the next increase in prices of essential commodities ........... !
May God help us though it will not happen because God only helps those who help themselves.
If someone in the industry truthfully explained in detail as to what happened between 30th March and 4th April and who benefited, it would help dispel the doubts in peoples minds. Can we ask the press / media for some honest investigative journalism ?
another way of achieveing the desired hike in pol prices just by introducing 28% more than the targeted price and reducing the same later on on protest from public n political parties. well done to govt of Pakistan again for new machinations !
ET is such a retarded newspaper, basically a propaganda platform for different groups........
by up to 28%
haha...such a misleading title. Its only Rs.2 !!
Another lollipop!