ISLAMABAD: The government has decided to reduce prices of petrol and diesel by Rs2.07 and Rs2 a litre respectively for one month.
It has further decided to maintain the prices of kerosene oil and Light Diesel Oil (LDO) at the same level as in March.
The reduced prices will be effective from tonight after 12:00am.
Prices of petroleum products for April will be as follows: 92 RON petrol Rs86 a litre, high speed diesel (HSD) Rs96.45 a liter, kerosene oil Rs76.46 a liter, Light Diesel Oil (LDO) Rs65.30 a liter.
A press release issued by the government read that the Oil and Gas Regulatory Authority (OGRA) had proposed increase in the price of diesel by Rs 0.65 a litre but since diesel is primarily used in public and goods transportation and also in farm equipments, therefore, the government has decided not to burden the public with higher rates of diesel.
“OGRA had recommended a greater price reduction for petrol, but as in previous months the government had reduced the price of petrol by more than what OGRA had recommended, so the government took the decision to reduce the price of petrol by Rs 2.07 a litre this time,” said the release.
Finally, the prices of kerosene and LDO were maintained at the level as in March 2018 even though OGRA had recommended increase in the rates of both the products.
The prices shall be effective from April 1, 2018 till midnight on April 30, 2018.
OGRA had submitted a summary to the petroleum division recommending that the petrol prices should be decreased by at least Rs5 per liter starting from April 1st.
The summary had also refered to other petroleum products whose prices should be raised under monthly readjustment formula. It recommended that the rate of light diesel be raised by Rs0.55 per liter, kerosene oil Rs0.13 per liter and diesel price proposed to be increased by Rs0.65 per liter.
In March, the price of petrol was increased by Rs3.56 per litre, taking it to Rs88.07 from previous Rs84.51.
The price of HSD was increased by Rs2.62 per litre, and it stood at Rs98.45 in March as compared to earlier price of Rs95.83 per litre. LDO had been increased by one rupee to Rs65.30 per litre.
While superior kerosene oil witnessed an exorbitant increase of Rs6.28 per litre with its price standing at Rs76.46 from earlier Rs70.18 per litre.