The government on Thursday slashed prices of petroleum products by up to Rs2.32 per litre effective from tomorrow (Friday).
It reduced the price of high-speed diesel (HSD) by Rs2.32 per litre, petrol by Rs1.79 per litre, kerosene oil by Rs2.06 per litre and light diesel oil (LDO) by Rs2.21 per litre.
The government had increased prices of petroleum products over the past several months. Now, the prices have been reduced during the ongoing month of April.
High-speed diesel is widely used in transport and agriculture sectors. Therefore, the reduction in its price will have a positive impact and ease inflationary pressure.
The government reduced the prices following recommendations of the Oil and Gas Regulatory Authority (Ogra).
Ogra determines ex-depot prices of petroleum products on the basis of petroleum levy and general sales tax.
Following the government’s decision to cut prices, the price of petrol has come down from Rs110.35 to Rs108.56 per litre, with a reduction of Rs1.79 per litre. The price of high-speed diesel now stands at Rs110.76 against Rs113.08.
The price of kerosene oil has been slashed to Rs80 from Rs82.061per litre. It is used in remote areas for cooking purposes where liquefied petroleum gas (LPG) is not available.
The price of light diesel oil has come down to Rs 77.65 against Rs79.86, a reduction of Rs2.21. It is used by the industry. These petroleum products are a major source of revenue for the government.