ISLAMABAD: Finance Minister Ishaq Dar announced on Saturday a reduction in the prices of petroleum products, ARY News reported.
The finance minister said the price of petrol has been reduced by Rs1.80 to Rs69.50 per litre and high speed diesel by Rs2.05 to Rs77.40 per litre. The rates of kerosene oil and light diesel oil have been maintained at the current level of Rs44 per litre.
The new prices will be effective from 12:00 tonight till the end of this month.
The decision to reduce the prices of petroleum products was taken with the approval of the Prime Minister, he said and added the decision to revise the prices for the month of August could not be taken on Juy 31 due to the absence of federal cabinet.
The minister said the prices of kerosene oil and light diesel oil were kept unchanged considering the low-income users of these products.
Earlier, in the absence of prime minister or the cabinet following the disqualification of PM Nawaz Sharif , prices of oil products were kept unchanged.
Oil and Gas Regulatory Authority (Ogra) had recommend reasonable reduction in prices of petroleum products. According to its summary, the price of high speed diesel was proposed to fall by Rs5.07, and petrol by Rs3.67 per litre with effect from August 1 to pass on the benefits of reduction in international prices to consumers.
On July 31, the secretaries of petroleum, finance and law and justice division deliberated on as to which authority to turn to for the approval in the absence of prime minister who had been giving approvals to revise oil prices in the past.
