ISLAMABAD: Pakistan on Monday decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.
The finance division issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.
According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.
The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.
In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.
“The prime minister has not only rejected the increase but also announced to decrease the prices of petroleum products by Rs10 per liter in his address to the nation in order to provide maximum relief to the consumers, despite the limited fiscal space,” it added.
According to the statement the new prices of the petroleum products effective from March 01, 2022 are:
The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.
The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.
The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.
Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.