ISLAMABAD: Government has in principle decided to cut the price of petrol by up to Rs1.23 per litre, in line with fluctuation in global oil prices. The prices are due to come into effect at 1200 am on effective from Saturday.
While the government still deliberates whether to regulate oil prices on a fortnightly or monthly basis, it decided to lower prices on a monthly cycle till the time Supreme Court lifts a suspension on weekly revision of oil prices and its linkage with Compressed Natural Gas (CNG) prices with petrol on October 28,2012.
In addition to the prices of petrol, the government is also revising the prices of High Speed Diesel (HSD) and Light Diesel Oil (LDO). They will witness a nominal hike by up to Rs0.36 and Rs0.45 per litre respectively. The new price of high speed diesel will now be Rs110.13, while LDO prices will rise up to Rs94.34 per litre.
Prices of Kerosene oil is expected to be revised downward by up to Rs0.22 per litre, bringing its price down from its current rate of Rs99.03 to Rs 98.81 per litre.
Jet fuels JP-1, JP-4 and JP-8 are also expected to see a decline by up to Rs0.18, Rs0.07 and Rs0.18 – reaching as low as Rs88.04, Rs80.94 and Rs87.72 per litre respectively.
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