Cut in petrol and diesel prices proposed

There is a suggestion to slash petroleum products’ (POL) prices following a drop in their prices in the international market during the last two weeks, reported 24NewsHD TV channel on Monday.

Sources told 24News that a proposal had been floated to reduce petrol’s price by Rs5.50 per liter; that of high-speed diesel (HSD) by Rs11 per liter; kerosene oil by Rs5.84 per liter and one liter of light-speed diesel by Rs5.

If approved, the price of one liter of petrol will come down from Rs275.50 to Rs270.10, while that of HSD from Rs283.63 to Rs272.57.

Experts, on the other hand, have said that the strengthening of the Pak Rupee’s value has also increased the prospects of a reduction in petroleum products’ prices.

They have further said that the government has increased the petroleum levy in the recently presented federal budget from Rs60 to Rs70, and if the levy persists, petrol will be available to the people at cheaper rates; however, if the levy increases, there will not be any relief for the people.

The new prices will take effect from August 1 for a 15-day period.    

Reporter: Ashraf Khan