Petrol Price Slashed by Rs10, Diesel 13 Per Liter
Staff Report:
The government on Sunday slashed the price of petrol up to Rs 10 per liter keeping in view of the fluctuation in global oil prices.
Along with petrol, the government has also cut the prices of all other petroleum products including high speed diesel, kerosene oil and light diesel oil (LDO).
The price of high speed diesel has been reduced by Rs 13.06 per liter, kerosene oil Rs 11.15 per liter and light diesel oil (LDO) Rs 12.12 per liter.New discoveries of oil, gas in country with SIFC’s support
The price of petrol has been slashed to Rs 249.10 per liter against its old price of Rs 259.10 per liter registering a reduction of Rs 10 per liter.
Petrol is used in motorbikes and cars and CNG is its alternate in vehicles.
However, the demand of petrol was considered to be higher due to ban of indigenous gas in CNG retail outlets. But its demand has not witnessed substantial higher trends due to flood of smuggled petrol into country.
The oil industry had taken up the matter of its smuggling several times but there has not been action on the sides of government agencies.
The high speed diesel is another product that is massively smuggled from Iran that had also raised serious concerns for the local oil industry.
The price of diesel has witnessed massive reduction by Rs 13.06 per liter.It will now be available at new rate of Rs 249.69 per liter against former price of Rs 262.75 per liter.
The high speed diesel is widely used in transport and agriculture sectors. The massive reduction in its price will also cause reduction in inflation.
The price of kerosene oil has been reduced to Rs 158.47 per liter against its old price of Rs 169.62 per liter, registering a reduction of Rs 11.15 per liter.
Kerosene oil is used in remote areas especially northern part of the country where LPG was not available for cooking purpose.
Pakistan army is its key user in northern part of the country.
The price of light diesel oil has been slashed from Rs 154.05 to Rs 141.93 per liter, witnessing a decline of Rs 12.12 per liter.
LDO is used in industry.
The rising global oil supply compared to the lower demand and concerns about economy of China and United States had led to decline in the oil prices in the global market.
OPEC a cartel of oil producing countries had also delayed in its decision regarding the planned output increase that led to continued dip amid less demand of oil in global market.
