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Monday July 22, 2024

Major relief for masses as PM announces petrol, diesel prices cut ahead of Eid ul Adha

Information Minister Attaullah Tarar confirms reduction of Rs10.2 per litre in petrol price

By Business Desk & Mehtab Haider
June 14, 2024
A person fills his cars tank at a fuel station in this undated file image. — AFP
A person fills his car's tank at a fuel station in this undated file image. — AFP

The Prime Minister's Office on Friday night announced a major relief for the masses, notifying Rs10.2 per litre cut in petrol price ahead of Eid ul Adha. 

Federal Minister for Information Attaullah Tarar confirmed the development, saying that the new petrol prices will be effective from midnight (June 15).

Sources privy to the development told Geo News that the application of new POL prices was made on the 14th day of this month due to closure of some government departments, including Finance Division.

An official statement released by the Prime Minister's Office said that the price of high-speed diesel has also been slashed by Rs2.33 per litre to Rs267.89 from the previous price of Rs270.22 per litre.

Later, the Finance Division issued an official notification for the latest price cuts, stating that the new prices will be applicable for the next fortnight.

ProductsExisting price
New price
Increase/Decrease
Petrol
Rs268.36
Rs258.16
-10.20
High Speed Diesel (HSD)
Rs270.22Rs267.89
-2.33

"The prices of petroleum products have seen a mixed trend in the international market during the last fortnight," the notification read.

It further stated that the Oil and Gas Regulatory Authority (Ogra) had worked out the consumer prices, based on the price variations in the international market.

The Finance Division usually reviews the fuel prices every 15 days and the next review was due on Saturday (June 15).

The government had reduced the prices of petrol and HSD by Rs4.74 per litre and Rs3.86, respectively, in its third consecutive fortnightly review, on May 31.

The fuel prices have been witnessing a downward trend and have been reduced thrice consecutively in the past one-and-a-half-month in light of a drop in the rate of global oil prices.

The new fuel prices was the second relief announced by the prime minister today, as a reduction of Rs10.69 per unit in electricity price was also notified by the PM House for industries earlier in the day.

The said reduction was made on the National Electrical Power Regulatory Authority (Nepra) recommendation. The measure would help in increasing exports and cutting production prices in the industrial sector.