The federal government has announced a further reduction in the prices of petroleum products. The new prices will be applicable from May 1. According to news details, the Ministry of Finance has announced a reduction of Rs 15-30 in the prices of petroleum products.
The government announced a reduction of Rs 15 per litre in the petrol price after which the new price reached Rs 81.58 per litre. Similarly, a reduction of Rs 27.15 was announced in high-speed diesel after which the price per litre reached Rs 80.10.
According to the announcement, kerosine oil became cheaper by Rs 30, after which the new price became Rs 47.44, while light diesel became cheaper by Rs 15 to Rs 47.51 per litre.
It may be recalled that the Oil and Gas Regulatory Authority had recommended to the Finance Ministry to reduce the prices of petroleum products by Rs 44.
Ogra had recommended a reduction in petrol prices by Rs 20.68 per liter, high-speed diesel by Rs 33.94 per liter, kerosene by Rs 44.07 per liter, and light diesel by Rs 24.57 per liter. The Finance Ministry announced the new prices after reviewing the summary.
Two days ago, Finance Advisor Abdul Hafeez Sheikh had announced that from May 1, the prices of petroleum products would be significantly reduced to provide more relief to the poor.
Ogra had recommended a reduction of Rs. 44 in the prices of petroleum products. The summary included a reduction of Rs 20.68 per litre in the petrol prices however, the government has given relief of Rs 15 per litre. This means the government hasn’t given relief of 45 billion Rs to the public.
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