$1.5billion Saudi gift, devaluation of dollar finally gives relief to Pakistani people

Petrol Prices

ISLAMABAD – The relief of $ 1.5 billion Saudi gift and devaluation of US dollar is only Rs 1.72 and Rs 2.90 decreased in the prices of petrol and high speed diesel, however, Prime Minister of Pakistan writes letter to all Chief Ministers to ensure reduction in inflation.

According to media watch, the federal government decided to cut the prices of all petroleum good including natural gas, petrol, diesel and CNG after a long marathon of Rupee and Dollar in which Pakistani currency gained much needed value.

The prices were reduced on the recommendations of the Oil and Gas Regulatory Authority (OGRA) following a meeting between Prime Minister Nawaz Sharif and Federal Finance Minister Ishaq Dar.

According to official sources, the premier wrote a letter to all chief ministers after reduction in petroleum prices asking them to help reduce prices of other commodities.

“It is high time to pass on benefits of cheaper imports and cheaper cost of transportation to the citizens. People of Pakistan expect reduction in fares of urban and inter-city transport,” the prime minister said.

“I expect your personal interest and strong follow-up for immediate relief to the people of Pakistan,” he conveyed to the chief ministers.

The price of petrol was reduced by Rs 1.72 (1.6 per cent) to Rs 108.31 from Rs 110.03 per litre and that of high speed diesel by Rs 2.90 (2.5 per cent) to Rs 113.85 from Rs 116.75 per litre.

The price of kerosene, the poor people’s fuel which is mostly used in rural areas, was cut down by Rs 5.61 (5.3 per cent) to Rs 101.15 from 106.76 per litre.

Likewise, the price of light diesel oil was cut by Rs 5.16 (5.1 per cent) to Rs 95.06 from Rs 100.22 per litre and that of high octane blending component by Rs 4.66 (3.3 per cent) to Rs 136.57 from Rs 141.23 per litre.The reduction in prices was worked out on the basis of maximum petroleum levy permissible under an act of parliament.

Besides the Rs 6 to Rs 14 per litre petroleum levy, the government also charges 17 per cent general sales tax on the prices of all oil products.

About the author

Hissan Khan

Hissan Khan is currently working as the Editorial Head of Pakistan Tribe's Islamabad Office. Having work as current affairs host, news analyst and C4D expert, Hissan holds a good command over communication and development strategies.

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