ISLAMABAD: The federal government on Tuesday approved up to Rs2.95 per litre cut in the price of petroleum products (POL), which would be effective from October 1.

A notification was issued after the approval of Prime Minister Nawaz Sharif under monthly POL price review mechanism.

According to the notification, the new price of petrol will be Rs103.62 after a reduction of Rs2.94; High Octane Blended Component (HOBC) will be priced at Rs131.13, a reduction of Rs1.88; kerosene oil will be priced at Rs95.60 after a cut of Rs1.31; high-speed diesel will be priced at Rs107.39, a reduction of Rs0.95; and light diesel oil (LDO) will be sold at Rs91.46, a reduction of Rs0.67.

According to sources, amid reduction in the rates of petroleum products worldwide, the country has lost a relief package amounting to Rs10 billion as the political turmoil has taken the economy under its grasp which has resulted in further devaluation of the rupee against the dollar.

Sources in the Ministry of Petroleum said that if the country was not subject to nationwide protests and sit-ins in the federal capital, the masses would have received a relief of Rs6 per litre in the price of petrol, high speed diesel would have been reduced by at least Rs5.50, while the price of kerosene oil would have been reduced by Rs5.87 respectively.