Govt reduces petrol, diesel prices by Rs5 per litre

Published December 15, 2021
People gather to get fuel at a petrol station, after Pakistan Petroleum Dealers Association (PPDA) announced a countrywide strike, in Karachi, on November 24. — Reuters/File
People gather to get fuel at a petrol station, after Pakistan Petroleum Dealers Association (PPDA) announced a countrywide strike, in Karachi, on November 24. — Reuters/File

The government slashed the prices of petrol and high speed diesel by Rs5 per litre on Wednesday in an effort to provide relief to the people.

Shortly before the announcement was made, Special Assistant to the Prime Minister for Political Communication Dr Shahbaz Gill had taken to Twitter to say that the public would soon receive "good news" about petrol prices.

According to a handout issued by the Finance Division, the government decided to revise existing prices "in view of the declining price trend of petroleum products in global market[s] and [to] transform the impact to the masses".

The new prices will be effective from Dec 16 (Thursday).

According to the notification, the new price of petrol is Rs140.82 per litre while high speed diesel will sell for Rs137.62 down from Rs145.82 and Rs142.62, respectively.

Meanwhile, the prices of kerosene and light diesel oil (LDO) were decreased by Rs7 and Rs7.01 per litre, respectively. The new price of kerosene is Rs109.53 per litre and that of LDO is Rs107.06 per litre.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had recommended reducing the prices of petroleum products by up to Rs10. The regulator had calculated Rs10.30 and Rs8.65 per litre reduction in the ex-depot prices of petrol and high-speed diesel, respectively.

The government has been facing severe criticism from the opposition, particularly after the premier approved a Rs10 increase in the price of petrol during the month of October. Major opposition parties, including the PML-N and the PPP, have held country-wide rallies and protests over what they term "unprecedented inflation in the country".

Inflation during the month of November soared to 11.5 per cent from 9.2pc, the highest increase noted in the past 20 months after a record hike in fuel prices.

On November 5, the government had increased the price of petrol and high speed diesel by Rs8.03 and Rs8.14 per litre, respectively. This was the first time in the country’s history that the prices of all petroleum products were above Rs110 per litre.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Price bombs
17 Jun, 2024

Price bombs

THERE was a time not too long ago when the faces we see sitting in government today would cry themselves hoarse over...
Palestine’s plight
Updated 17 Jun, 2024

Palestine’s plight

While the faithful across the world are celebrating with their families, thousands of Palestinian children have either been orphaned, or themselves been killed by the Israeli aggressors.
Profiting off denied visas
17 Jun, 2024

Profiting off denied visas

IT is no secret that visa applications to the UK and Schengen countries come at a high cost. But recent published...
After the deluge
Updated 16 Jun, 2024

After the deluge

There was a lack of mental fortitude in the loss against India while against US, the team lost all control and displayed a lack of cohesion and synergy.
Fugue state
16 Jun, 2024

Fugue state

WITH its founder in jail these days, it seems nearly impossible to figure out what the PTI actually wants. On one...
Sindh budget
16 Jun, 2024

Sindh budget

SINDH’S Rs3.06tr budget for the upcoming financial year is a combination of populist interventions, attempts to...