Minister of Finance Miftah Ismail on Sunday announced reduction in in price of gasoline at 3.05 rupees per liter and hike of Rs 8.95 in in price of diesel.
” government maybe decrease in price of gasoline at Rs 3.05 per litre,” he tweeted. ” price of however diesel is gone up for 8.95 rupees”.
He said that new prices will be valid from midnight today.
price of The cost of kerosene also increased by Rs 4.62 per litre. of light diesel fuel (LDO) was reduced by 0.12 rubles per liter.
new prices are as follows: Rs 227.19 for gasoline, 244.95 rupees for diesel, 201.07 rupees for Kerosene and Rs 191.32 for I DO.
According to a press release he shared from the finance department, government it was decided to revise the existing prices of oil products to pass on influence of fluctuations in oil prices in in international market and exchange rate variation.
Older government officials said Dawn that both major petroleum products are high speed diesel (HSD) and gasoline – were set go down significantly with effect from August 1, but the three main factors are the depreciation of the currency, higher oil development levy (PDL) and increase in dealer commission – deprived consumers of benefit of in international price cut.
These officials stated that government took preliminary action with International Monetary Fund (IMF) to increase PDL by Rs 10 per liter on HSD, kerosene and LDO at Rs 5 per liter on gasoline up to ensure a uniform rate of 15 rubles per liter on all products on the site start of August. The current PDL is Rs 10 per litre. on gasoline for 5 rubles. on HSD, kerosene and LDO.
14 July Prime Minister Shahbaz Sharif announced reduction of from 18 to 40 rubles per liter. in prices of various products like international prices went down. This was first time under PMLN coalition government reduced oil prices after power in in second a week of April.
From May 26 to July 1 petrol price increased by 66 percent, or Rs. 99 per litre, while HSD price walked up by 92% from May 26 from 144.15 rupees per liter, up at 132.39 per liter. Also the former depot price of kerosene is gone up up to 230.26 rupees per liter, up by 95% between May 26 and July 1. price of LDO went up up to Rs 226.15 on July 1, up 80 pcs from Rs 125.56 per liter on 26 of May, up about 100.59 rupees per litre.
By deal with IMF, government should gradually increase PDL on oil products to maximum of 50 rupees per liter to collect 855 billion rupees during current fiscal year.
