Eid gift: Govt decides to reduce petroleum prices

The prices of Petrol, HOBC and High Speed Diesel are to remain same.

Web Desk July 28, 2014

ISLAMABAD: Government on Monday decided to reduce the prices of Kerosene Oil and Light Diesel Oil, while maintaining the prices of petrol, HOBC and high speed diesel (HSD) for the month of August.

According to a notification issued by the finance ministry on Monday, Finance Minister Ishaq Dar met with Prime Minister Nawaz Sharif in Madina, Saudi Arabia to review the prices of petroleum products for the month of August.

As per the recommendations of Oil and Gas Regulatory Authority (OGRA) the prices of Kerosene was reduced by Rs0.31 from Rs97.40 to Rs97.09. Similarly, the prices of Light Diesel have been reduced by Rs0.81, from Rs94.13 to Rs93.32.

However, Ogra had recommended that prices of petrol, HOBC and HSD be increased, but this was rejected.

On the recommendations of finance minister, the premier approved to maintain the existing prices of petrol, HOBC and HSD at Rs107.97, Rs134.63 and Rs109.34, respectively.

To maintain the prices, the government will have to bear a subsidy of Rs1.359 billion.

The prices are effective from July 29, 2014.