Nawaz announces up to Rs14 reduction in petroleum prices

E-Paper | March 18, 2026

ISLAMABAD: Following drop in prices of electricity and petroleum products earlier in the month, Prime Minister Nawaz Sharif on Wednesday announced further reduction in the prices of petroleum products.

Addressing a press conference here, he said petrol prices are being reduced by Rs6.25 per liter, HBOC Rs14.14 per liter, kerosene oil Rs11.26 , light diesel oil Rs10.48 and high diesel oil by Rs7.86 per liter.

The new prices will be implemented from midnight.

Also read: PM announces reduction in POL, electricity prices

Speaking to journalists, Sharif said reduction in POL prices has led to decrease in prices of other commodities including groceries. He vowed to provide more relief to the masses in coming days.

The prime minister said that the recently made reduction in electricity tariff would start reflecting on consumers’ bills from January. He also announced that electricity prices would further drop in coming days due to setting up of new power plants in the country.

Prime Minister Sharif urged provincial governments to take steps in order to reduce prices of commodities.

Following the announcement, the petroleum ministry issued a notification for the same.

Despite the announcement of reduction in POL prices for January, masses would not receive complete relief of the plunge in global oil market, mainly due to the imposition of GST on petroleum products.

According to the notification, the price of High Speed Diesel (HSD), which is widely used in heavy vehicles and the agriculture sector, has been slashed by Rs7.86 per litre. Its price has come down to Rs86.23 per litre from Rs94.09 per litre.

Similarly, the price of petrol witnessed a decline of Rs6.25 per litre against its current price of Rs84.53 per litre which is now pegged at Rs78.28. Kerosene oil, which is used as kitchen fuel in remote areas of the country, recorded a significant decrease of Rs11.26 per litre. Its price has fallen from Rs83.18 per litre to Rs71.92 per litre.

The price of High Octane Blending Component (HOBC), which is used in luxury cars, registered a drop of Rs14.14, bringing its price down to Rs 92 from Rs106.14 per litre. The price of light diesel oil was slashed by Rs10.48 per litre dragging its price down to Rs67.5 per litre from Rs Rs77.98 per litre.

Owing to expected major dip in the revenue collection of the Federal Board of Revenue (FBR) due to sharp slash in crude price in global oil market, the government on Tuesday had increased the GST on petroleum products to 22 per cent from 17 per cent.

It may be mentioned that crude oil prices have fallen down sharply to more than 48 per cent in the international market since late June, and now it stands at $56 per barrel.

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Rehan

Dec 31, 2014 09:48pm

POL prices declined 48% in international market and our beloved PM is claiming that he is providing 'relief' to the masses by reducing it by how much ??? 'less than 30%' .... Dear PM, at least you should pass on the 'relief' to the masses which has been provided by the international market as is....

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aarij

Dec 31, 2014 09:57pm

i am confused? are wegetting relief or not?

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Seemab

Dec 31, 2014 10:11pm

they r still trying to fool people

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Kanwarch

Dec 31, 2014 10:30pm

Total fraud

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Abdul Manan

Dec 31, 2014 10:34pm

Keep it up Sir

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Ilyas Khan

Dec 31, 2014 10:36pm

In UK here the petrol price is £1.14 per litre, that is about Rs 175 per litre. Now UK is almost self-sufficient in oil. So it is heavily taxed. Now if Nawaz government has any foresight, it should NOT have reduced the petrol price, which is burned in cars, but reduced the furnace oil price drastically, to produce cheaper electricity.

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huzaifah

Dec 31, 2014 10:39pm

@Rehan Bhai this is Pakistan, government stance is Take it or Leave it.

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Talha

Dec 31, 2014 10:49pm

By the way PM has nothing to do in this relief...all this is happening because of the oil prices change in International market...we will see if oil prices go back and PM keep the same prices, then that will be the relief. Making people fool is their job...never saw such a "wela PM" who is announcing the change in oil prices, its not his job...

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Azmeen

Dec 31, 2014 10:52pm

Government deserves appreciation for giving relief to people for the 3rd time.

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Khwaja

Dec 31, 2014 10:54pm

Tax HOBC, or take back the decrease in it's price & take back the GST.

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Zubair

Dec 31, 2014 11:19pm

Mr. Prime Minister crude oil is sold between $54 to $58 per barrel in the world markets. Prices in Pakistan are still higher. No other country has increased duties due to this slump in oil prices but Pakistan did, to recover the shortfall in revenues. In short this reduction in prices is too little as well as late.

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king

Dec 31, 2014 11:50pm

where are the PML N supporters? what makes you think you guys don't need a dharna to govern well?

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Ahmed

Jan 01, 2015 12:20am

These people aren't appreciating reduction in petroleum prices but when they'll be increased, they ll cry out loud. Govt should use this opportunity to produce cheaper electricity and for other uses, inatead of passing it all to peoplw

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kch

Jan 01, 2015 12:25am

In uk petrol prices came down to 1.14£ per ltr from 1.39£. And about barrel as some people misunderstand it. 58$ per barrel doesnt mean that country is gettingfinal product for that price. And no country in world provide oil on that price. For example , barrel is 58$ = around 38£. But if you calculate price per ltr for petrol which user pays then it is almost 5 times more than that. Mostly people take that wrong and think if its 58$ then it should be that in pk. However, govt is cheating only by increasing duty . @ ilyas well said . Totally agree.

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saz

Jan 01, 2015 12:43am

Oil prices are dropped by saudi monarchs in order to please their US allies. This entire drama is created by US after black mailing Saudis in order to damage Russian economy as Russians also rely on selling oil and gas but their cost of getting them from ocean is higher.

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Munz

Jan 01, 2015 01:45am

Must say, running the country like a business! Reduce prices (when prices have already dropped everywhere world-over) but pump up the GST!!! And the stupid moronic people still elect the same thieves again and again is what the irony of it all is!!!!

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Nauman

Jan 01, 2015 02:28am

Allah k Bandon, shukar kero. Just compare yourself with your neighboring country i.e. India and be happy....

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Awais Ali

Jan 01, 2015 02:31am

What is your magic in it Mr. PM?

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chnasir

Jan 01, 2015 02:39am

Diesel, regular Petrol should be down to 70 rs. as oil barrel prices are falling in 1Q 2015.

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faz

Jan 01, 2015 03:01am

Reduce it by 48% mr pm and stop fooling the people around.....This is no relief!!

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Observer

Jan 01, 2015 03:02am

so we commited to not be happy on anything governament does. really shame on criticizers

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Peshawari Pakhtun

Jan 01, 2015 05:31am

Thank you Mr. Sharif for bringing petroleum prices down not only in Pakistan but in international markets also. You are so kind!

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Azam Khan

Jan 01, 2015 06:02am

@Ahmed, they are not passing it all to the people, we all are living in a fools paradise.

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Sami

Jan 01, 2015 08:51am

The petrol price should not have been reduced. Instead, the extra revenue that the government could have made should have been utilized to payback circular debts. In addition, the use of eco-friendly source of energy like solar and wind energy should be encouraged. The benefit of lower price of petrol will never be passed on to the consumers.

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sameer

Jan 01, 2015 09:41am

Please be advised that Crude Oil prices have dropped down to 51%.

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sameer

Jan 01, 2015 09:45am

@Ilyas Khan You cannot compare UK with Pakistan, if people in UK more for gas than Pakistan, because UK Government charges more taxes, but the facilities people get in UK, Pakistanis cannot even think of getting those facilities in centuries.

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Asad Sultan

Jan 01, 2015 09:53am

so hypocirites are now yelling that the price hasnt been reduced in accordance with the international market. atleast it has been reduced compare it to the ppp era and please see there is no DHARNA here try to accept it.

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Daniyal

Jan 01, 2015 09:56am

@aarij you bet we are but only because prices have gone down internationally, nothing else at play here.

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MUNIB

Jan 01, 2015 12:24pm

@Rehan Its people like you who try to fool others. Did you bother to mention the subsidy which gov was giving previously and which its now balancing ?

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Rohail

Jan 02, 2015 01:58pm

@Rehan Please try to understand that the PRICE of crude oil has decreased 48 %…..oil has to go through a lot before it turns to petrol including conversion costs, transportation costs….so before accusing the government . Increase your knowledge…Whats with the negativity…am not a nawaz supporter..but credit has to be given where due..

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