Petroleum prices slashed by Rs 6.44 per liter

In a bid to regain popularity among masses ahead of next election, incumbent government has turned to providing tempered relief to people and slashed the petroleum prices by Rs 6.44 per liter and CNG prices by Rs 4.59 per kg. According to a notification issued here on Saturday, Oil and Gas Regulatory Authority (OGRA) has reduced the Petrol price by Rs 5.02, High Octane Blended Component (HOBC) by Rs 6.44, High Speed Diesel (HSD) Rs 2.48, Light Diesel Oil (LDO) by Rs 2.86 and price of Kerosene oil has been decreased by Rs 2.54. After this reduction new price of Petrol (motor Spirit) would be Rs 84.49 per liter, High Octane Blended Component (HOBC) would be Rs 106.88 per liter, High Speed Diesel (HSD) Rs97.21 per liter, Light Diesel Oil (LDO) Rs 83.71 per liter while new price of Kerosene oil would be Rs 86.25 per liter. The new POL prices would be effective from July 01 (today) following the new mechanism of fortnightly review of prices. Moreover, prices of Compressed Natural Gas (CNG)  has also been slashed by the government and CNG price for Region 1 has been decreased by Rs4.59 per kg and for Region 2 it has been decreased by Rs 4.20 per kg. After this notification new prices of CNG in region 1 including Potohar Region, Khyber Pakhtoonkhwa (KPK) and Balochistan would be Rs 77.36 per kg with 7.7 % reduction and in Region 2 including Punjab and Sindh would be Rs 70.63 per kg with 8.3% reduction. Government has provided sufficient relief to domestic consumers and prices has been reduced from 18.7 percent to 51.7 percent. CNG prices for Industry, Power sector, WAPDA and KESC have been increased. CNG tariff for hundred units have been slashed from Rs 122.95 to Rs 100, for 200 units price reduced from Rs 245.89 to Rs 200, Rs 1015 to Rs500 for three hundred units. CNG price for cement sector has been increased by 0.8 % while gas price for fertilizer sector have been kept unchanged. It is pertinent to mention here that following the declining trend in the oil prices in international market by Rs $5 per barrel OGRA has proposed ministry to reduced the POL prices.