The government on Tuesday slashed oil prices by 2.8 per cent, following a drop in prices in the international market. The new rates will be effective from October 1 (today).
This is the second consecutive month that consumers will be enjoying lower fuel prices. Last month, the prices were cut by 1.6%.
According to an official notification, the price of High Speed Diesel (HSD), which is widely used in heavy transport vehicles and the agriculture sector, has been slashed by Rs0.95 per litre (0.9%) from Rs108.34 to Rs107.39 per litre.
Similarly, the price of petrol, which is used in vehicles where CNG is not available, has witnessed a cut of Rs2.94 per litre (2.8%) from Rs106.56 per litre to Rs103.62 per litre.
Kerosene oil, which is used as kitchen fuel in remote areas where liquefied petroleum gas (LPG) is not readily available, recorded a decrease of Rs1.31 per litre (1.4%), standing at Rs95.68 against the existing price of Rs96.99 per litre.
Consumers of high octane blending component (HOBC), used mainly in luxury vehicles, saw a reduction of Rs 1.88(1.4%) to Rs 131.13 per litre against an earlier price of Rs 133.01 per litre.
The price of light diesel oil, consumed mainly by industrial units, has also been reduced by Rs0.67 per litre (0.7%), reaching Rs91.41 per litre compared to price of Rs92.08 per litre.
According to a statement, Finance Minister Ishaq Dar met with Prime Minister Nawaz Sharif to discuss the prices of petroleum products for the month of October.
Following the meeting, Dar said that the prime minister had approved the reduction in prices to provide relief to consumers.
Published in The Express Tribune, October 1st, 2014.
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Revenue collection is mandated by IMF to ensure Pakistan make regular loan repayments. So far the government has resorted to collecting tax on consumption. Reduction in gas prices will likely be offset by increase in something else. I heard potential increase in power tariffs....
Typical Nawaz/Shabaz/Dar way of deceiving public. This shows a thoroughly dishonest gesture by this so-called decrease which actually is the result of PTI pressure.GO NAWAZ GO.
International Prices dropped around 15% in the last two months
Go Nawaz GO ! p.s we know what your trying to do