Daily The Business

Government slashes petroleum prices for Feb

ISLAMABAD: The government on Thursday announced to reduce prices of petroleum products for the month of February.

According to details, the price of Petrol has been slashed by 0.59 paisas and new price would be 90.38 rupees per litre.

Light Diesel price has been reduced by 0.25 paisas and now will be sold at rs 75.03 per litre, while price of Hi-Speed Diesel to remain unchanged.

The price of Kerosene Oil has been decreased by 0.73 and it will be sold out at 82.25 rupees per litre.

The new rates will be applicable from today midnight.

Earlier, the Oil and Gas Regulatory Authority (OGRA) in its summary to the government had recommended up to Rs4.50 per litre reduction in petroleum prices for the next month.

The regulator had suggested cut in fuel prices to transfer the benefit of lower prices in world markets to the consumers.

The regulatory authority had worked out a reduction of Rs4.5 per litre cut in high-speed diesel (HSD) to Rs102.20, petrol down by 50 paisa to Rs90.47 per litre, kerosene oil rate to go down by Rs2 to Rs80.98 per litre.

The levies on petroleum products generate revenues for the government. The government presently receives 17 per cent general sales tax (GST) on all petroleum products. The government was charging 0.5pc GST on light diesel oil, 2pc on kerosene, 8pc on petrol and 13pc on HSD until Dec 31, 2018.

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