Pakistan reduces prices of petroleum products

Pakistan reduces prices of petroleum products

2011-07-02 01:17:47 GMT+7 (ICT)

ISLAMABAD, PAKISTAN (BNO NEWS) -- Pakistan's Oil and Gas Regulation Authority (OGRA) on Friday announced a reduction on the prices of all petroleum products except Kerosene oil, the APP news agency reported.

According to a notification issued by OGRA, the price of petrol has been reduced by 3 Pakistan Rupees ($0.034) per liter, diesel by Rs 2.01($0.023) and light speed diesel by Rs 1.13 ($0.013).

In this way, the new prices will stand at Rs 83.71 ($0.97) per liter of petrol, high speed diesel at Rs 92.1 ($1.07) per liter, and light diesel at Rs 81.39 ($0.94) per liter. As no change was made to the price of kerosene oil, it will remain available at Rs 84.65 ($0.98) per liter.

The new prices will be in force starting this Friday (July 1). OGRA said that the reduction to petroleum products (POL) was taken to provide relief to the Pakistani population.

In early January, the Pakistani government increased the price of all POL products by 9 percent in order to compete against the rising prices in the world market. However, opposition parties voiced their disagreement and the Muttahida Qaumi Movement (MQM), the second-largest member of the ruling coalition, joined the opposition the following day.

On January 7, Prime Minister Yusaf Raza Gilani announced the reversal of the increase after Members of the Parliament agreed to withdraw such increment due to the overwhelming pressure from opposition parts and Pakistani society. Afterwards, MQM rejoined the ruling coalition.

Later on, OGRA announced a 9.9 percent increase to all petroleum products in March. Four days later, the government announced a 50 percent slash to the recent increase as directed by President Asif Ali Zardari.

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