New price of petrol will be Rs110.03 in March, down from Rs112.76 per litre in February. PHOTO: FILE
The new schedule of prices, effective from March 1, 2014, will see prices of other petroleum products remain unchanged including that of High Speed Diesel (HSD), kerosene oil and High Octane Blending Component (HOBC).
According to a statement issued by the ministry of finance, OGRA had suggested that prices of HOBC be increased by Rs1.31, Kerosene by Rs0.49, High Speed Diesel by Rs1.08 and Light Diesel Oil by Rs0.31 and decrease price of petrol by Rs2.73.
Following the decrease, the new price of petrol will be Rs110.03 in March, down from Rs112.76 per litre in February.
The prices of HSD have been maintained at Rs116.75, HOBC at Rs141.23, kerosene oil at Rs106.76 and LDO at Rs100.22 per litre.
Petrol is largely used by small four and two wheel vehicles while HSD is mainly used in the agriculture sector and mass transit. The impact in its price has been absorbed by making adjustment in petroleum levy.
According to the statement issued here, the Finance Minister Senator Mohammad Ishaq Dar met with Prime Minister Nawaz Sharif on Friday to discuss the prices of petroleum products for the month of March, in light of the recommendations made by OGRA.
Finance Minister briefed the Prime Minister that if the petroleum prices are maintained at the level of February 1, 2014 except petrol price, the subsidy to be picked up by Ministry of Finance will be less than a billion rupees for the month of March 2014.
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