Relief expected in petrol and diesel prices

Government has announced plans to provide relief to the consumers of petrol and diesel. A considerable decrease in prices of petrol and diesel are expected for June. The price deduction follows rate increases over the past many months. After the approval of Prime Minister Nawaz Sharif, new petroleum prices will come into effect from June 1, 2017.

Although, the government is expected to push up prices of light diesel oil and kerosene oil, which is used by the poor of the society to a greater extent, but reports of its mixing with diesel are doing rounds in the market. The Oil and Gas Regulatory Authority (Ogra) has prepared its suggestions for monthly reviewing in petroleum product prices and forwarded them to the Ministry of Petroleum and Natural Resources. According to OGRA’s calculations, prices of petrol and high-speed diesel should be reduced by Rs 2.3 and Rs 3.2 per liter respectively. However,

prices of light diesel oil and kerosene oil should be jacked up by Rs 9.5 and Rs 13.60 per liter according to the recommendations.

If approved the price fall will bring down the price of petrol from the current Rs 74 to Rs 71.70 per liter. Similarly, a reduction of Rs 3.2 per liter in diesel price will take its price to Rs 79.80 per liter from the current Rs 83. The price of kerosene oil is also proposed to be increased by Rs 13.60 to Rs 57.60 per liter compared to the existing Rs 44 and the price of light diesel oil is likely to go up by Rs 9.5 to Rs 53.50 per liter from the current Rs 44.

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