Govt slashes oil prices by upto Rs4.71

New price of petrol to be Rs97.59 from Wednesday, May 01, 2013.

ISLAMABAD: Government on Tuesday announced that it will slash oil prices by up to Rs4.71 per litre from Wednesday, following a reduction in global oil prices.

While turning down the proposal of Oil and Gas Regulatory Authority (Ogra) to pass on full relief to the consumers, the finance ministry absorbed some impact in rate of petroleum levy to bring it to the budgeted level.

The rates of petroleum levy have been brought to the budgeted level as Rs10 per litre on petrol, Rs6 per litre kerosene oil, Rs8 per litre HSD and Rs3 per litre on LDO.

The price of petrol, the most commonly used fuel in cars, will be reduced to Rs97.59, down from the current rate of Rs102.30 per litre after a cut of Rs4.71 per litre.

The price of high-speed diesel (HSD), used mainly in transport vehicles and agriculture, will be reduced by Rs2.53 per litre to Rs106.06 per litre from Rs108.59 per litre.

Kerosene oil, used as fuel in remote areas where liquefied petroleum gas (LPG) is not available, will see a price reduction of Rs4.09 per litre. After the reduction, kerosene oil will be sold at Rs94.17 against Rs98.26 per litre.

The price of light diesel oil (LDO), used for industrial purposes, will fall by Rs4.22 per litre to Rs89.06 against Rs93.28 per litre.

Similarly, the price of jet fuels JP-1 and JP-8 will come down by Rs5.21per litre to Rs83.44 and Rs83.11 per litre respectively.