Despite a considerable price hike in international petroleum products, the government on Monday announced reduction of Rs10 in per litre petrol, effective from March 1.
According to a statement, petrol would be sold at Rs149.86 per liter as compared to Rs159.86. Likewise, the price of high speed diesel has been reduced by Rs10 per liter, from Rs154.15 to Rs144.15.
The price of kerosene oil has been reduced by Rs1 per liter, from Rs126.56 to Rs125.56 whereas the price of light diesel oil has been slashed by Rs5.66 per liter from Rs123.97 to Rs118.31.
The global petroleum products’ prices were tracking the Ukraine-Russia war and resultantly surged to Rs100/bbl.
It said, the unprecedented increase was very risky for the domestic fuel prices and inflation and the situation left very few options for the government.
Prior to the current review on Monday, the government had left more than Rs70 billion per month to keep the prices lower and provide relief to the masses.
According to the statement, in the fortnightly review, OGRA had recommended Rs10 per liter increase in petroleum products’ prices, however the Prime Minister not only rejected the increase but also announced to decrease the prices of petroleum products by Rs10 per litre in his address to the nation in order to provide maximum relief to the masses despite limited fiscal space.
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