The government on Saturday announced a reduction of Rs1.80 per litre in the price of petrol and of Rs2.50 per litre in the price of High-Speed Diesel (HSD), while keeping the prices of kerosene and light diesel oil unchanged.
Reinstated Federal Finance Minister Ishaq Dar, who made the announcement in a live transmission, said that petroleum prices could not be changed before the commencement of the ongoing month due to the vacuum of leadership in parliament.
The new prices will be applicable by 12am tonight, he said.
The price of petrol has been reduced to Rs69.52 from Rs71.32, while HSD will be available at the rate of Rs77.40 after a reduction of Rs2.5 from Rs 79.90 per litre. The prices of kerosene and light diesel oil have been maintained at Rs84 and Rs44, respectively.
The prices have been revised for the ongoing month and will remain intact till Aug 31, said the finance minister.
On July 31, the secretaries of the petroleum, finance and law and justice ministries had spent more than 12 hours in consultations, at times also touching base with the presidency, for a direction on whether or not to implement recommendations forwarded to it by the Oil and Gas Regulatory Authority.
The secretaries took an amended summary to the president for approval to revise the prices, but it was declined. According to sources, it was legally difficult to change sales tax rates on petroleum products in the absence of a prime minister or the cabinet and hence it was decided to continue with the existing rates.