The federal government on Tuesday approved up to Rs 2.95 per litre cut in the price of petroleum products (POL), which would be effective from October 1.
A notification was issued after the approval of Prime Minister Nawaz Sharif under monthly POL price review mechanism.
According to the notification, the new price of petrol will be Rs 103.62 after a reduction of Rs 2.94; High Octane Blended Component (HOBC) will be priced at Rs 131.13, a reduction of Rs 1.88; kerosene oil will be priced at Rs 95.60 after a cut of Rs 1.31; high-speed diesel will be priced at Rs 107.39, a reduction of 0.95 paisas; and light diesel oil (LDO) will be sold at Rs 91.46, a reduction of 0.67 paisas.
According to sources, amid reduction in the rates of petroleum products worldwide, the country has lost a relief package amounting to Rs 10 billion as the political turmoil has taken the economy under its grasp which has resulted in further devaluation of the rupee against the dollar.
Sources in the Ministry of Petroleum said that if the country was not subject to nationwide protests and sit-ins in the federal capital, the masses would have received a relief of Rs 6 per litre in the price of petrol, high speed diesel would have been reduced by at least Rs 5.50, while the price of kerosene oil would have been reduced by Rs 5.87, respectively.
