Finance ministry notifies new petroleum prices

ISLAMABAD: Despite a considerable price hike in international petroleum products, the federal government on Monday announced reduction in petroleum prices, effective from March 1.

According to a statement released by Finance Ministry, the ruling PTI government has slashed prices of petrol and diesel by Rs10 per litre respectively.

The price of kerosene oil has been reduced by Rs1 per litre whereas the price of light diesel oil was slashed by Rs5.66 per litre from Rs123.97 to Rs118.31.

After the increase, the new price of petrol is fixed at Rs149.86 per litre, high-speed diesel Rs144.15.

The new prices will come into effect from Tuesday midnight (March 1).

It is pertinent to mention here that Prime Minister Imran Khan has announced a massive reduction in petrol and diesel prices up to Rs10 per litre besides bringing down the electricity tariff up to Rs5 per unit.

PM Imran Khan, while addressing the nation today, said that he wants to highlight the national policies and the evolving global situation in his address to the nation today.

“We have decided not to increase the petrol and electricity prices till the next budget. The stipend to the deserving people under Ehsaas [poverty alleviation] programme was increased from Rs12,000 to Rs14,000.”