Govt slashes up to Rs2.95 off petroleum products
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ISLAMABAD: The federal government on Tuesday approved up to Rs2.95 per litre cut in the price of petroleum products (POL), which would be effective from October 1.
A notification was issued after the approval of Prime Minister Nawaz Sharif under monthly POL price review mechanism.
According to the notification, the new price of petrol will be Rs103.62 after a reduction of Rs2.94; High Octane Blended Component (HOBC) will be priced at Rs131.13, a reduction of Rs1.88; kerosene oil will be priced at Rs95.60 after a cut of Rs1.31; high-speed diesel will be priced at Rs107.39, a reduction of Rs0.95; and light diesel oil (LDO) will be sold at Rs91.46, a reduction of Rs0.67.
According to sources, amid reduction in the rates of petroleum products worldwide, the country has lost a relief package amounting to Rs10 billion as the political turmoil has taken the economy under its grasp which has resulted in further devaluation of the rupee against the dollar.
Sources in the Ministry of Petroleum said that if the country was not subject to nationwide protests and sit-ins in the federal capital, the masses would have received a relief of Rs6 per litre in the price of petrol, high speed diesel would have been reduced by at least Rs5.50, while the price of kerosene oil would have been reduced by Rs5.87 respectively.
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Comments (40) Closed
Sep 30, 2014 08:35pm
so the country would've taken a Rs10 billion loan and given 6 Rs. / liter and then given back the loan with interest from tax money ....how does that work in favor of Pakistan and Pakistanis ?
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Sep 30, 2014 08:44pm
This is what happens when you ask your Saudi brothers to help you out in the time of need. Never before has this happened but all of a sudden after IK tsunami, NS is all concerned with the regular people.
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Sep 30, 2014 08:54pm
Stay Nawaz Stay....
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Sep 30, 2014 09:17pm
@Murtaza Mandvi, is that what you read? Economic illiteracy reigns supreme in Pakistan.
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Sep 30, 2014 09:18pm
@Hasan FYI, petroleum prices were reduced at over 3 occasions by the incumbent govt. One should abstain from distorting facts to further political agendas.
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Sep 30, 2014 09:20pm
@Hasan Or just that crude oil price globally went down and the brent bucket going lower meant post refinery price was lowered too. Maybe take Logic 101?
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Sep 30, 2014 09:28pm
Country wide protest is the result of bad governance. Government needs to stop making excuses.
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Sep 30, 2014 09:33pm
Rs. 2.95 will not save NS from the tsunami unfortunately.
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Sep 30, 2014 09:38pm
Employing people into civil sector (despite prior agreement with IMF). And now reducing fuel prices (oil prices in the international market are low at the moment). But the real credit goes to PTI for forcing the PM's hand.
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Sep 30, 2014 09:54pm
PTI trolls will find ways to turn this against Nawaz Sharif as well. Long live PMLN. Shame on those who distort facts and dont appreciate good regardless who does it. PMLN is working on multiple fronts to help the masses. Remember they got the country in a ruined state from the ultra corrupt ppp.
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Sep 30, 2014 09:59pm
Thank you Imran Khan for being a good and real opposition.
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Sep 30, 2014 10:05pm
The reduction in price of fuel has been overdue. The government should admit that it's their own mismanagement rather than dharnas which brought economic slowdown, IF ANY, as the government panicked and brought the whole country to a standstill prior to the dharnas by blocking off all roads by containers.
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Sep 30, 2014 10:07pm
@buzzman 2018 is next election and perhaps that is when NS will be deseated.
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Sep 30, 2014 10:09pm
This is because the oil prices globally has gone down by over $6 per barrel over the last three months. So the government is not doing any favor to the people, they should have reduced the oil prices nearly 3 months ago.
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Sep 30, 2014 10:11pm
@Bravo
the price of democracy isn't 2.65 reduction in pol prices.
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Sep 30, 2014 10:13pm
@Bravo
the price of democracy isn't 2.95 reduction in pol prices.
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Sep 30, 2014 11:00pm
@Riz You say long live PMLN but then you also call PPP ultra corrupt. It is the same ultra corrupt PPP that is trying to be the savior of PMLN these days. Look at the dichotomy in your comment. Like leader, like followers!!
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Sep 30, 2014 11:05pm
Acting!!!!All acting!!!!
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Sep 30, 2014 11:05pm
Just before being removed ZAB also restored to things such as changing the weekly holiday from Sunday to Friday ......but too much water had passed under the bridge by then ...........something similar is happening here.
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Sep 30, 2014 11:34pm
@Riz Granted, PML-N got the country in ruins. Simple question: why lavish spending on foreign tours and at home? Also, did N league get Punjab in ruins as well? They have been ruling Punjab for last 6 years.
I rest my case.
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Sep 30, 2014 11:46pm
Oh pulease! The dollar is at its four year high against a basket of currencies. Plus due to appreciation of the rupee from over 103 to 98, our exports had stagnated so stop blaming the dharnas for everything. Let's speak the truth for a change
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Sep 30, 2014 11:53pm
Penny wise Government !!!
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Oct 01, 2014 12:00am
@Hasan ;
Regular Pakistani people do not own and operate petrol driven cars !
About the 69 Octane "Regular" petrol for motor cycles and scooters/rickshaws, that has long been outlawed and forgotten being the transport fuel of middle-class, ever over-due for suppression.
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Oct 01, 2014 12:29am
Government would not have to resort to price reduction...just by reigning on fuel adulteration and short filling...that itself has at least 25% direct or indirect negative impact on peoples pocket...hope this helps...
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Oct 01, 2014 12:36am
@Farrukh Munir : Or, reseated with a big-bang after IK's possible misdemeanor !
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Oct 01, 2014 12:40am
Thank you IK keep up the great work!
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Oct 01, 2014 12:40am
@Riz
Goodness comes from the heart. Reducing petrol prices by a couple of rupees because the oil prices are currently low in the market, is no big deal. In UK, the supermarkets are reducing the fuel prices by 5 pence, which is one percentage point higher than Pakistan.
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Oct 01, 2014 12:57am
@Philanthropist . How would you like to comment Shaikh Rasheed sitting on front seat with IK . MAY ISS KO APNA CHAPRASE NA RAKHOON . I hope u rem who said that .
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Oct 01, 2014 01:42am
...says his royal highness from the $800 a night hotel in NY. Nawaz Shareef, your days are numbered, so why don't you just GO!
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Oct 01, 2014 03:17am
This is gimmick. World wide oil prices have been falling for months here in the UK prices have called around 15p per liter which is around 25 rupees so a cut of 2.95 is pathetic.
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Oct 01, 2014 03:22am
The economic illiteracy of the PML-N is amazing. World wide oil prices have fallen by over 20% in the UK the price has fallen by over 25 rupees per liter so then what's the big deal about 2.95 rupees.
If you don't believe me go ahead and research it yourself.
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Oct 01, 2014 03:32am
Thumbs up for the govt hard work!!!
Where there's a will there's a way
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Oct 01, 2014 05:57am
Stay nawaz stay:)
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Oct 01, 2014 08:51am
Too little, too late.
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Oct 01, 2014 10:03am
Yeah yeah.. blame everything on the sit-ins.. no one in power has yet even remotely tried to resolve why they are sitting but yeah.. Chinese Prez didnt come.. blame sit-in, petrol price didnt get too slashed... blame the sit-in.. kal ko Pm ka khana thek nahi banega to uska blame bhe sit-in ko he dena
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Oct 01, 2014 10:26am
@JK ........... Corrections please, His Royal Highness of Raiwind stayed in $8,000/per night suite. This was on almost all channel as news item.
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Oct 01, 2014 10:55am
Its gone down RS. 7.5 in your neighboring country in past 2 months.
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Oct 01, 2014 11:07am
@Gaz FYI. reduction in price in UK in terms of difference of exchange values of currencies can not be compared. imported crude oil price and ex refinery prices are the basis for domestic pricing formula.
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Oct 01, 2014 03:11pm
@saad s Well the price of oil has fallen from 115 dollars per barrel in June 2014 to 94 dollars a barrel today. Do the maths then tell me if the government deserves any credit for this cut of 2.95 rupees.
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Oct 01, 2014 03:11pm
@saad s Well the price of oil has fallen from 115 dollars per barrel in June 2014 to 94 dollars a barrel today. Do the maths then tell me if the government deserves any credit for this cut of 2.95 rupees.
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