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.

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

Opinion

Editorial

The whole truth
28 Sep, 2022

The whole truth

THE war on truth has never been more relentless than it is today. Authoritarianism is on the rise and purveyors of...
Real-world trolls
Updated 28 Sep, 2022

Real-world trolls

It's reprehensible how PTI supporters now seem convinced that politicians from opposing camps aren't entitled to basic dignity.
Islamabad wildlife
28 Sep, 2022

Islamabad wildlife

PRESERVING biodiversity is low on the list of priorities of both state and society. However, successful attempts at...
Noon leaks
Updated 27 Sep, 2022

Noon leaks

PMO audio leaks are a national security emergency that ought to be investigated at the highest level.
Cipher probe offer
27 Sep, 2022

Cipher probe offer

CONSIDERING the toxic political polarisation in the country, former prime minister Imran Khan’s suggestion that ...
Delaying Doha plans
27 Sep, 2022

Delaying Doha plans

WHEN Doha announced its intention to spend $3bn in different commercial and investment sectors of Pakistan around a...