Business

Govt cuts prices of petroleum products by Rs4.92

Prices of petrol cut by Rs1.03, while price of High Speed Diesel cut by Rs2.06

Web Desk July 31, 2015

Ogra recommends cut in taxes to absorb some of the impact of price increases. PHOTO: APP

Following a global downturn in oil prices, the government on Friday announced that it was reducing prices of petroleum products by as much as Rs4.92.

According to an official notification, the new prices of petrol will be Rs76.76 per litre, down from the current rate of Rs77.79, a change of Rs1.03.

High speed diesel (HSD), which is used in most transport and heavy vehicles, will see a drop of Rs2.06 from Rs87.11 to Rs85.05.

Read: Ramazan relief: Nawaz rejects summary for petrol price hike

The price of High Octane Blending Content (HOBC), used in luxury cars, saw a reduction of Rs1.02, from Rs83.81 to Rs82.79.

Kerosene oil, used in houses to light and as a cooking fuel, saw reduction of Rs4.83, down from Rs64.94 at the start of July to Rs60.11 at the start of August.

Light diesel oil (LDO), mainly used for industrial purposes, saw the biggest reduction in prices, down by Rs4.92 from Rs61.51 to Rs56.59.

These prices will take effect from August 1, 2015.

Product	Existing pricesw.e.f 1.7.2015	Prices approved w.e.f 1.8.2015	Approved decrease in prices
MS (Petrol)	77.79	76.76	1.03
High Speed Diesel	87.11	85.05	2.06
HOBC	83.81	82.79	1.02
Kerosene	64.94	60.11	4.83
LDO	61.51	56.59	4.92

COMMENTS (7)

Tahir | 9 years ago | Reply This is a good trend that global prices are dropping and countries with huge economic problems like Pakistan are also passing the benefits to the masses.Electricity prices should also be decreased as major portion of electricity in Pakistan is also produced using oil as I understand.

Gullu | 9 years ago | Reply @Layman: Last I checked prices of petrol were higher in India than in Pakistan. Unlike Pakistan prices in India prices vary a lot from region to region but overall they were higher than in Pakistan. I believe your government subsidises diesel which is used in public transport and taxes petrol which is used by private individuals? That may be one reason.

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Chachoo | 9 years ago | Reply @Faisal: Pakistanis pay one of the lowest taxes in the world. Government have to compensate through indirect taxation as a result. Our country has the lowest Tax-GDP ratio of the world. So what do you expect then?. So do you want to see Pakistan default on its debt or sustain itself. Kindly stop this emotional rhetoric. 90 percent of the traders in our country do not even own NTN ( National Tax Number). When government force them to declare their assets then Parties like JUI, PTI , ANP and PPP comes to their rescue. So what do you expect then?. Get more debt and enjoy?.

Jibran | 9 years ago | Reply In the past, such announcements were made by none other than the prime minister himself. Why this time he resisted to make a fool out of himself.

Faisal | 9 years ago | Reply Crude started sliding from 2nd July and was down to 50 from 60 dollars a barrel by mid of the month. For the last week it has been hovering around 48-49. This should have translated to 20% drop or at least 10% for "bhooki government" while 10% passed on. Rs.1/liter - less than 1.5% to the masses. Shame.....

Layman | 9 years ago | Reply Today in our region India also reduced Petroleum prices as global prices went down, they did INR 2.43 which equals to OKR 4, where are the other 3 PKR per liter going, any guess guys..

Pakistani | 9 years ago | Reply a decrease of 1 PRK, and patawaris be like Thank you Mian Sb, we are rich.

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