ISLAMABAD: The government has announced reduction in prices of petroleum products by Rs3 a litre on all denominations. The renewed prices will be effective from midnight September 1.

Addressing a press conference, Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi said, “We have reduced the prices of petroleum products under the directives of the prime minister in order to provide relief to the people.”

He announced that the federal government has lowered the prices of all petroleum products in the country by as much as Rs3.

According to an official statement, the prime minister approved the reduction on the recommendation of the Oil and Gas Regulatory Authority (OGRA).

Highlighting the decrease in prices of various petroleum products, the notification released by the government says the price of petrol has been reduced by Rs3 per litre to Rs73.76 from Rs76.76.

Similarly, the price of High Speed Diesel had been reduced by Rs 3.01 per litre to Rs82.04 from Rs85.05 and HOBC by Rs3 per litre to Rs79.79 from Rs82.79, it added.

HOBC is mostly used in high-end personal cars. The price of kerosene oil was reduced from Rs60.11 to Rs57.11 per litre.

The price of Light Diesel Oil has also been lowered by Rs3 per liter from Rs56.59 per liter to Rs53.59 per litre.

Gas prices increased

The petroleum minister, however, said slab rate of gas prices will increase from Tuesday (tomorrow).

The price for domestic users with consumption up to 100 cubic meters would be Rs110 per Million British Thermal Unit (mmbtu); Rs220 per mmbtu for consumption between 100-300 cubic meters; and Rs600 per mmbtu for consumption above 300 cubic meters.

Abbasi said subsidy of Rs75 billion had been provided to the domestic consumers.