As the elections near, and a helpful fall in prices of petroleum products in the international market, the government on Saturday approved cuts of up to Rs6.44 for fuel.
The new prices will be effective between July 1 and July 15.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), prices of petrol were reduced by Rs5.02. This is the second reduction in prices of petrol in the past month.
Prices of high speed diesel and light diesel were reduced by Rs2.48 and Rs2.46 respectively.
Price for high octane (HOBC) was reduced by Rs6.44.
Kerosene oil was also made cheaper by Rs2.54.
Gas prices reduced
Ogra also notified reduction in prices of gas and CNG by as much as 51%.
The notification read that prices of gas for home users have been reduced between 18.07% and 51.07%.
Prices of CNG were also reduced by 7.07%.
In contrast, however, the government has decided to increase the prices for gas being made available to the industries, power plants and IPPs. Rates for these sectors have been hiked by 10.03%.
COMMENTS (4)
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" Mohammad Ali Siddiqui - Pakistan's oil demand is filled mostly through imported oil. Hence the formula of petrol pricing you mention is not relevant
How much a gallon?strong text
And I was taught that prices are suppose to fluctuate with supply/demand - not elections. Go figure. The real unanswered question is where is the govt getting the money to subsidize these lower prices?
Pakistan has given contracts to many oil drilling companies but no body knows where the oil goes to?
Many States that drill the oil sell on cheaper price where a fuel tank of a car can be filled with few hundred riyals/dirhams.
But despite drilling oil, Pakistan sell the oil on much higher rates.
Slashing down 6 ruppes and the again increasing 60 rupees does not make any sense.