Oil prices slashed by up to Rs4.51
Revised prices expected to have significant impact on agricultural sector.
The prices of high speed diesel (HSD) and light diesel oil (LDO) have been slashed by Rs4.51 and Rs0.93. PHOTO:FILE
ISLAMABAD:
The government slashed the prices of petroleum products by up to Rs4.51 per litre on Wednesday, in line with the reduction in global oil prices.
Effective from May 1 (today), the price of petrol stands at Rs107.97 per litre, down by Rs0.34 from the earlier price of Rs108.31 per litre.
The prices of high speed diesel (HSD) and light diesel oil (LDO) have been slashed by Rs4.51 and Rs0.93, respectively, and now stand at Rs109.34 and Rs94.13 per litre respectively. The revised price of High Octane Blended Component (HOBC) is Rs131.14 per litre, reduced by Rs1.94, while kerosene will now be available at Rs98.07 per litre, as opposed to the earlier price of Rs101.15.
The revised prices were proposed in a summary moved by the Oil and Gas Regulatory Authority (Ogra) before the ministries of finance and petroleum. The summary was subsequently approved by Prime Minister Nawaz Sharif.
The revised prices will have a significant impact on the agricultural sector, a major consumer of HSD fuel, and both provide relief to farmers and result in a decrease in prices of commodities, an official said.
According to an official statement issued on Wednesday, Finance Minister Ishaq Dar called on Prime Minister Nawaz Sharif in London and briefed him on the cumulative reduction in oil prices over the last three months.
The premier directed the finance minister to ensure that “the benefits of the strong economy reach the common man,” the statement added.
Published in The Express Tribune, May 1st, 2014.
The government slashed the prices of petroleum products by up to Rs4.51 per litre on Wednesday, in line with the reduction in global oil prices.
Effective from May 1 (today), the price of petrol stands at Rs107.97 per litre, down by Rs0.34 from the earlier price of Rs108.31 per litre.
The prices of high speed diesel (HSD) and light diesel oil (LDO) have been slashed by Rs4.51 and Rs0.93, respectively, and now stand at Rs109.34 and Rs94.13 per litre respectively. The revised price of High Octane Blended Component (HOBC) is Rs131.14 per litre, reduced by Rs1.94, while kerosene will now be available at Rs98.07 per litre, as opposed to the earlier price of Rs101.15.
The revised prices were proposed in a summary moved by the Oil and Gas Regulatory Authority (Ogra) before the ministries of finance and petroleum. The summary was subsequently approved by Prime Minister Nawaz Sharif.
The revised prices will have a significant impact on the agricultural sector, a major consumer of HSD fuel, and both provide relief to farmers and result in a decrease in prices of commodities, an official said.
According to an official statement issued on Wednesday, Finance Minister Ishaq Dar called on Prime Minister Nawaz Sharif in London and briefed him on the cumulative reduction in oil prices over the last three months.
The premier directed the finance minister to ensure that “the benefits of the strong economy reach the common man,” the statement added.
Published in The Express Tribune, May 1st, 2014.