News
Tuesday, November 01, 2011
Petroleum prices cut by up to Rs 5.93 per litreBy Zeeshan Javaid
ISLAMABAD: The government cut oil prices by up to Rs 5.93 per litre in line with a reduction in global oil prices effective from today (Tuesday).
Though the price of High Speed Diesel (HSD) had declined by Rs 0.18 per litre, the government adjusted it in the Petroleum Levy (PL).
The government slashed petrol prices by Rs 1.54 per litre. According to the Oil and Gas Regulatory Authority (OGRA), the price of petrol declined by Rs 5 per litre in line with a reduction in global oil prices. The government adjusted it in the Petroleum Levy (PL) that has been raised to Rs 10 per litre on petrol.
The price of other petroleum products reduced by Rs 0.86 per litre, high octane blending component (HOBC) Rs 5.93 per litre and Light Diesel Oil (LDO) by Rs 1.53 per litre.
After the revision in oil prices, the price of HOBC went down from Rs 112.65 per litre to Rs 106.72 per litre, petrol from Rs 88.95 per litre to Rs 87.41 per litre and kerosene oil from Rs 86.62 per litre to Rs 85.76 per litre. The price of High Speed Diesel (HSD) remained unchanged at Rs 94.15 per litre.
The government increased prices of three major petroleum products for the month of October. The maximum increase was made in the price of petrol, which came to five percent compared to the price in September. The price of HOBC was increased by Rs 2.72 per litre and High Speed Diesel (HSD) by Rs 1.51 per litre.
From June this year, the government deregulated prices of petroleum products including petrol, HOBC, light diesel oil, jet fuel JP-1, JP-4 and JP-8.
Courtesy www.dailytimes.com.pk