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POL prices slashed by Rs 5.61 per litre

01 April, 2014

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ISLAMABAD: The government on Monday notified a cut of up to Rs 5.61 per litre in the prices of petroleum products as per the recommendations of the Oil and Gas Regulatory Authority (OGRA) with effect from today (April 1).

According to the notified oil prices for the month of April, petrol will now be sold for Rs 108.3/litre, HOBC Rs 136.57 , kerosene Rs 101.15 for, high-speed diesel (HSD) Rs 113.85, and light diesel oil at Rs 95.06. Earlier, OGRA in a summary dispatched to the finance and petroleum ministries recommended a decrease in price of petrol by Rs 1.72 per litre, HOBC by Rs 4.66 per litre, kerosene by Rs 5.61 per litre, high-speed diesel by Rs 2.90 and light diesel oil by Rs 5.16 per litre.

Sources in the Finance Ministry told this scribe that the government has endorsed the recommendation of OGRA and also approved increase in the component of petroleum levy (PL) and sales tax imposed on high octane blended component by Rs 1.12/litre in. Similarly, Rs 0.49/litre hike in PL and sales tax of kerosene oil, HSD Rs 1.10/litre, LDO Rs 0.30/litre. With the decision of giving raise in the PL, the component of levy (PL) imposed in the per litre price of HOBC has reached at Rs 14/litre, kerosene Rs 3/litre, diesel Rs 8/litre, and LDO at Rs 3/litre, they added.

"The levy on POL prices has now reached at maximum budgeted level while the government was already charging budgeted levy of Rs10/litre on petrol," said a senior official at finance ministry on the condition of not to be named. With this decrease in oil prices, the inflation-hit masses would find a sigh of relief already bearing heavy brunt of sky rocketing POL prices coupled with power tariff for a long time. The common man would also find help assistance in the form of reduced prices of essential commodities besides managing monthly domestic budget to run a household amicably this time at least for one month.

It is, however, worth mentioning that the approval to decrease the prices of petroleum products has been made in the wake of declining crude oil prices in the Gulf market. The prices in the international market have dropped by $3 per barrel in the recent days. Upward trend in the value of Pakistani rupee is also a factor this time contributed to ensure relief to the over burdened masses.

End.

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