Petrol prices may be slashed by Rs2.09 for next week

CNG price may be reduced by as much as Rs1.92 per kg. Diesel price to be increased by as much as Rs.3.16 per litre.

ISLAMABAD: After hikes in the prices of petrol for two subsequent weeks, the government may lower the price of fuel by Rs2.09 per litre for the upcoming week a summary submitted by the petroleum ministry to the finance ministry indicated on Saturday.

Petrol prices are likely to be reduced from last week’s high of Rs105.49 down to Rs103.40 after prices of petroleum products went down in the international market during the week.

Compressed Natural Gas (CNG) is also likely to see a corresponding drop in price by as much as Rs1.92 per kg. CNG prices maintain a 60 per cent price parity with petrol prices. Prices in Region I (Balochistan, Khyber-Pakhtunkhwa), will come down from Rs96.58 to Rs94.66 per kg. Prices in Region II (Sindh, Punjab) may decline by Rs1.74 per kg from Rs88.22 to Rs86.48 per kg.

Consumers of High Speed Diesel (HSD), mostly used in transport and agriculture sectors, are likely to face a hike in its price by as much as Rs3.16 per litre from existing rate of Rs110.46 to Rs113.62 per litre from next week following a fluctuation in global oil prices.

On Saturday, the petroleum ministry submitted a summary to the finance ministry to notify the new prices from Monday. Excluding the prices of petrol, all other petroleum products including kerosene oil will become dearer under weekly basis prices review.

While the finance ministry has asked the Oil and Gas Regulatory Authority (Ogra) not to recommend any cut in fuel prices, it has asked the federal government to maintain the current price of diesel by adjusting the hike with the petroleum levy to avoid the impact of inflation.

Kerosene oil is used in remote areas for cooking where Liquefied Petroleum Gas (LPG) is not available, especially in the northern areas of the country. The government may jack up its price by Rs1.92 per litre pushing it up to Rs103.87 from Rs101.95 per litre.

Light Diesel Oil (LDO) which is used for industrial purposes may witness an increase of Rs1.23 per litre from its current Rs96.70 to Rs97.93 per litre.

Price of High Octane Blending Component (HOBC) is likely to go up by Rs2.96 per litre to Rs 134.39 from Rs 131.44 per litre based on Islamabad freight. The same price will increase in Karachi whereas it will become cheaper in areas of Multan.

Jet fuels JP-1, JP-4 and JP-8 prices may also go up by Rs1.94, Rs2 and Rs1.94, reaching Rs93.08, Rs84.94 and Rs92.77 per litre respectively

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