In a rather promising development, the government has decided to reduce the fuel prices following a reduction in the oil rates on an international scale. During his press conference, the Federal Minister for Finance announced a reduction in the prices.
The new prices of the petroleum products that are to take effect from the 1st of April are as follows:
|Product||Current Price (PKR)||Revised Price (PKR)||Price Decrease (PKR)|
|Light Diesel Oil||81.42||79.86||1.56|
Earlier today, it was revealed that the Oil and Gas Regulatory Authority (OGRA) had proposed a reduction in the prices of petroleum products to Prime Minister Imran Khan.
The summary of petroleum price reduction suggested that, as per the current tax rate, the price of petrol should be reduced by Rs. 1.40 per liter, and that of high-speed diesel by Rs. 5.50 per liter.
One of the sources told the media that the Ministry of Finance would recommend earning some additional revenue through a larger petroleum levy by keeping the prices unchanged.
Also, earlier this month, the PM had rejected OGRA’s summary that suggested an increase in the prices of petroleum products. The report also said that the government had kept the prices of petroleum products same for the past several weeks by reducing the petroleum levy rates following the hike in oil rates in the global market.
Oil rates regulate the operational costs within many other industries around the globe as well. So a lowered price of petroleum products also bodes well for other industries as well.