Prime Minister announces petrol, diesel price cuts for Eid

Among the major reliefs for the masses announced by the Prime Minister’s Office on Friday night was the reduction of petrol prices by Rs10.2 per litre, a few days before Eid ul Adha. 

According to Attaullah Tarar, Federal Minister for Information, the new petrol prices will come into effect at midnight (June 15) and will take effect from thereon.

That the new POL prices were applied to the accounts on the 14th day of this month due to the closure of a few government departments, including the Finance Division, during the month.

According to the Prime Minister’s Office statement released on Thursday, the price of high-speed diesel for the next two years has also been cut by Rs2.33 per litre from Rs270.22 per litre to just Rs267.89, a reduction of Rs1.33 from the previous charge of Rs270.22.

There was an official notification issued by the Finance Division about the latest price cut, stating that the new prices would be effective for the next two weeks as per the new agreement.

During the last fortnight, there has been a mixed trend in the price of petroleum products on the international market, according to the notification that was issued.

As part of the report, it states that the Oil and Gas Regulatory Authority (Ogra) has analyzed the price variations in the international market in order to determine the consumer prices.

There is usually a review of the fuel prices by the Finance Division every 15 days and the next review was due on Saturday (June 15th).

During the government’s third successive fortnightly review, which took place on May 31, the price of petrol and high-speed diesel was reduced by Rs4.74 per litre and Rs3.86, respectively.

Due to a fall in the rate of global oil prices over the past one-and-a-half months, fuel prices have been experiencing a downward trend and have been reduced three times in the past one-and-a-half months.

In addition to the reduction in fuel prices announced by the prime minister yesterday, the PM House also announced earlier today that an electricity price reduction of Rs10.69 per unit had been notified for industries as part of the day’s relief package.

As per the recommendation of the National Electrical Power Regulatory Authority (Nepra), the said reduction was made. In the industrial sector, the measure would have the effect of increasing exports and decreasing production costs by cutting production costs.

Timenews1 provides that information.