Govt reduces prices of various petroleum products


ISLAMABAD, May 31 (APP): The government Wednesday announced reduction
in prices of petrol by Rs1.20 per litre and High Speed Diesel by Rs 1.60
per litre besides keeping the prices of kerosene and Light Diesel Oil unchanged to provide relief to the common public.
Announcing the petroleum prices, for the period starting from 1st
June 2017 until midnight on 30th June 2017, Finance Minister, Mohammad
Ishaq Dar said that the new prices for Diesel would be Rs 81.40 per liter Litre and for Petrol Rs 72.80 per litre.
The Minister said that in line with the Prime Minister’s instructions
to provide maximum relief to the common man, and keeping in view that Kerosene Oil and LDO is used by the low income segments of the country’s population, it has been decided to maintain the prices of Kerosene Oil
and Light Diesel Oil at the current level till June 30 2017.
This decision has been taken also keeping in view the fact that
Kerosene Oil caters to the energy needs of the poor, the minister added.
Dar said that the Ministry of Petroleum and Natural Resources and
OGRA have recommended an increase of Rs13.54 per litre in the price of Kerosene Oil, increase of Rs9.28 per litre in the price of Light Diesel
Oil (LDO), and had recommended decrease of Rs2.43 per litre in the price
of Petrol Rs3.31 per litre in the price of High Speed Diesel with effect from June 2017.
He said that the government has absorbed significant impact of price
increases since April 2016 and has suffered considerable loss of revenue.
During this period only partial increases have been passed on since
December 2016, he added.