Govt reduces petrol price by Rs1.5 per litre from Sept 1

Statesman Report

ISLAMABAD: The government on Tuesday decided to decrease the prices of petrol and high-speed diesel (HSD) by Rs1.5 per litre from Sept 1 to “provide maximum relief” to people.

It also decreased the price of kerosene by Rs1.5 and that of light diesel oil (LDO) by Rs1 per litre, respectively.

According to a notification issued by the Finance Division, the new price of petrol will be Rs118.3 per litre, HSD will be Rs115.03 per litre, kerosene will be Rs86.80 per litre and LDO will be Rs84.77 per litre.

The rates have been reduced despite fluctuations in the prices of petroleum products in the international market and anticipated increase in the future, the government said.

“The government is firmly committed to ensure stability in prices of essential commodities and has sustained the price pressure in line with its commitment to the common man,” it added.

It noted that the petroleum levy was kept at a minimum which was a “clear reflection that the government is fully cognisant” of the impact of higher petrol prices on basic commodities.

According to Petroleum Division sources, the Oil & Gas Regulatory Authority (Ogra) calculated Rs3.50 per litre reduction in the ex-depot price of petrol and about Rs5 per litre decrease in the ex-depot price of HSD.

Likewise, the ex-depot price of light diesel and kerosene oil was calculated to go down by Rs2 and Rs3 per unit, respectively.

The price cuts were worked out because of lower international oil prices even though the exchange rate had deteriorated over the past 15 days of August.