Diesel price increased by Rs8.95, petrol price slashed by Rs3 a litre

Fluctuation in prices of petroleum products has taken place as the coalition government has increased the price of high speed diesel by Rs8.95 a litre and the price of petrol has been cut by Rs3.05 a litre.

While, the price of kerosene oil has been increased by Rs4.62 a litre.

The new prices are announced by the Finance Division and they are effective from 12:00 am tonight. The Finance Division in a statement said, “Owing to the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers.”

Federal Minister of Finance and Revenue Miftah Ismail also shared the new prices on his Twitter account.

Also Read

ECC approves to increase petroleum dealers’ margin to Rs7/ litre

ISLAMABAD: The Economic Coordination Committee (ECC) has approved to increase petroleum dealers'...

“The government is able to decrease the price of petrol by Rs 3.05 per litre. The price of diesel has, however, gone up by Rs 8.95. These prices are effective from midnight August 1. Pakistan Zindabad,” Miftah Ismail tweeted.

The Finance Division said after the fluctuation of the prices in petroleum products, petrol’s new price will be Rs227.19, high speed diesel Rs244.95, kerosene oil Rs201.07 and light diesel Rs191.32 a litre.

On the other hand, the Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to work out options in consultation with the Oil and Gas Regulatory Authority (OGRA) for setting up petroleum product prices within a week.

Its meeting was held in Islamabad with Minister for Finance and Revenue Miftah Ismail in the chair.

The ECC directed the Petroleum Division to submit a proposal within a week to regulate the prices of kerosene oil and light diesel oil after consultation with relevant stakeholders.

For the smooth continuity of oil and gas national supply chain and avoid Pakistan State Oil (PSO) company from being default on international payments, the ECC also decided to clear the outstanding payments accumulated during the period of pervious government and approved an amount of 30 billion rupees as supplementary grant for PSO receivables.

It was also decided in the meeting that the Power Division will make immediate payments of the current outstanding amounts of 20 billion rupees by August 1 and Rs12.8 billion by August 4.

The ECC also directed Finance Division and FBR to submit proposal for generation of 30 billion rupees through taxes within a week.