ISLAMABAD: The government slightly reduced on Friday the prices of all petroleum products for the month of August because of decline in their prices in the international market.

The reduction approved by the prime minister was announced by Finance Minister Ishaq Dar in a brief statement.

The government increased tax rates on all petroleum products to withhold higher reduction recommended by the Oil and Gas Regulatory Authority (Ogra).

The ex-depot price of petrol was reduced to Rs76.76 per litre from Rs77.79 and that of high speed diesel (HSD) to Rs85.05 from Rs87.11.

But in accordance with Ogra’s recommendation the price of high octane blending component (HOBC) has been reduced by Rs1.02 to Rs82.79 per litre from Rs83.81.

The price of kerosene was reduced by Rs4.83 per litre to Rs60.11 from Rs64.94, against Ogra’s recommendation for Rs6.33 (10pc) reduction. The government increased taxes on kerosene by Rs1.50 per litre.

Light diesel oil (LDO) price was cut by Rs4.92 per litre to Rs55.18 from Rs61.51. Taxes on LDO were raised by Rs1.41 per litre. The price of JP-1 was reduced by Rs6.48 (11.6pc) to Rs49.33 per litre from Rs55.81.

Published in Dawn, August 1st, 2015

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