Cut in prices of petroleum products likely

Published September 30, 2014
—File Photo
—File Photo

ISLAMABAD: Prices of petroleum products are estimated to post a reasonable decline on Tuesday as a result of drop in prices in the international crude oil market during the current month.

Informed sources told Dawn on Monday that crude price had fallen below $98 per barrel in the international market when compared with $104 last month.

The decline has partially been offset by a depreciation of rupee against dollar from Rs101 to a dollar to about Rs103 following protest by Pakistan Tehreek-i-Insaf and Pakistan Awami Tehreek and resultant cancellation of $2.4 billion transactions planned for August and September.

According to an official, the Oil and Gas Regulatory Authority has worked out estimates for reduction in prices of oil products and forwarded them to the ministries of petroleum and finance.

According to the estimates, the price of petrol (motor spirit) will move down by Rs3 per litre and those of high speed diesel by Re1 per litre, high octane blending component by Rs2.10 per litre, kerosene by Rs1.28 per litre and light diesel oil by 65 paisa per litre.

Published in Dawn, September 30th, 2014

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