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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) forwarded on Thursday a summary to ministries of petroleum and finance, recommending a reduction in prices of almost all petroleum products for December.
In the international market, the crude prices have fallen below $76 per barrel in the Middle East during the current month from $86 in October and $98 at the end of September. At the end of August, the crude was traded at $104 a barrel.
Also read: Big cut in petrol, diesel prices takes effect
If the recommendations of Ogra are accepted by the government, the price of petrol will come down to the July 2008 level and that of kerosene and light diesel to the April 2011 position.
Ogra has worked out the ex-depot price of petrol at Rs84.53 per litre, a reduction by 10.25 per cent from Rs94.19.
The ex-depot rate of high speed diesel will be reduced by Rs7.12 per litre to Rs94.09 from Rs101.21 and that of kerosene will be Rs83.51 per litre, down by Rs4.01 per litre from Rs87.52.
The price of HOBC at depots will be cut by Rs10 per litre (8.58 per cent) to Rs103 from Rs113.
The ex-depot price of light diesel oil has been worked out at Rs78.42 per litre, down by Rs5 from Rs83.42.
Apart from the Rs6 to Rs14 per litre petroleum levy, the government also charges 17 per cent general sales tax on the prices of all oil products.
Published in Dawn, November 28th, 2014
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Nov 28, 2014 06:42am
God Bless Imran Khan. It only happened due to the Dharnas. Otherwise we know how credible this Sharif Government is.
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Nov 28, 2014 07:35am
Well Done Nawaz Sharif.. Reduce the electricity rates as well and you will have my vote in next election.
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Nov 28, 2014 08:10am
thumps-up PML(N)
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Nov 28, 2014 08:33am
govt should ensure that efect of price cut should be reflected in form of reduction in fares for public transport, so that benefit of same could be reaches to masses
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Nov 28, 2014 09:20am
It is useless unless it has affect on all commodities and public transport
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Nov 28, 2014 09:26am
lets see if the proposal of OGRA is implemented.
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Nov 28, 2014 09:27am
Great News...Loved it! Speaks volume how much past govt has made through oil money!
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Nov 28, 2014 09:39am
Good thing is Petroleum prices are coming down and Electricity and gas prices with other commodities going higher.
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Nov 28, 2014 09:42am
Thanks IK
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Nov 28, 2014 09:54am
@asim It's international market, mate. Let's not throw everything at "previous government".
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Nov 28, 2014 10:01am
Thx imram khan.
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Nov 28, 2014 10:09am
Can everyone stop being so ignorant? This has nothing to do with Imran Khan, global oil prices have literally taken a nose dive. Further, Saudi has refused to cut production meaning that oil prices are likely to continue to decline in the future.
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Nov 28, 2014 10:11am
Petroleum Levy + GST = King Sharif's Commission
Government earnings on Petrol per liter which are apparent to everyone = 12+15 = Rs. 27
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Nov 28, 2014 10:15am
for the past 15 years...petrol prices never dropped below 2-3 rupees max..this is the first time ever in the history of Pakistan that petrol prices are being slashed by Rs20 - coincidentally only happening when IK is ratcheting up the pressure through his protests...i am more convinced than ever that Imran is the only one who can save us from these PMLN looters and corrupt.
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Nov 28, 2014 10:20am
Thank u Imran Khan.
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Nov 28, 2014 10:41am
Would ppl care? Re. 1 increase in Petroleum price has been resulted in increase in prices of commodities many folds.but when the price went down by Rs.10, nothing came down even by Re.1.there will be no change in the life of poor even petroleum price go down by Rs. 50. if govt is not filling pocket its the people who are doing the same and we keep on abusing govt for everything.
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Nov 28, 2014 10:48am
@Patriot
You mean the international oil price dropped to $69 because of Imran Khan?
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Nov 28, 2014 10:53am
Imran Khan did not cause the world-wide drop in Oil prices.
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Nov 28, 2014 10:53am
just fyi that these reduction are nor due to IK neither NS. Prices are based on International pricing and GOP is still charging max. duties and levies which they can recover on upper cap allowed by law of land.
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Nov 28, 2014 11:00am
@Bilal
its not nawaz sharif , its happening bcoz of imran khan otherwise nawaz would have all this levy in his or mna's pockets.
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Nov 28, 2014 11:03am
Credit goes to US production on large scale..US use 10 million barrel per day and ll be the largest producer by the end of this year. they have reduced their dependence on OPEC by extracting from shale. nothing is happened because of IK or Nawaz.
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Nov 28, 2014 11:07am
@Patriot It is not due to IK or NS. It is because of the oil prices falling down in the world. Todays rate $70 per barrel. NS will take all the credit due to the ignorance of the Pakistani people.
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Nov 28, 2014 11:09am
Thanks Imran khan.
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Nov 28, 2014 11:17am
Now that would be progress. Nice work GOP. ANd obviously thanks to IK :D
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Nov 28, 2014 11:24am
If you have to thank anyone, it should be the americans and their shale gas!
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Nov 28, 2014 11:40am
WazireAzam Nawaz Sharif. Shukriya.
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Nov 28, 2014 11:48am
In the international market, the crude prices have fallen below $76 per barrel last night and settled at $72.82/Barrel (Brent). But US Bench mark dropped and settled $69.05. So Government should care about and fix prices as per market trend. It is foolish idea to attribute price reduction towards Imran Khan. I have full respect for Imran Khan, but should not hide reality.
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Nov 28, 2014 11:52am
What IK has to do with the oil prices, it is the drop in international oil prices and the government is adjusting the domestic prices accordingly
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Nov 28, 2014 12:04pm
when the oil prices came down 25% why they were not reduced to same ratio . when ever increased they are directly applied immediatly . all sort of oil in market be reduced accordingly . plus this unfriendly consumer policy on elect rates be stopped . this ipp thing has totally useless the suppliers can only take advantage of elect rates.
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Nov 28, 2014 12:18pm
Crude price has reduced by 25% over the past 4-5 month while petrol/diesel reduction has been 10-15%....!
Kya yeh khula tazad nahee???
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Nov 28, 2014 12:22pm
@Patriot Are you sure. If it is true, then tell him to do 'dharna' (sit-in) for local body electionsand water scarcity and earthquakes and floods and cyclones and the drought in Thar and....and many other problems plaguing the world, particularly ebola.
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Nov 28, 2014 12:23pm
@imtiaz the internation prices dropped not because of IK but the govt was in no mood to do so like we saw for the last four months. Prices in intl market dropped 4-5 months ago
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Nov 28, 2014 12:38pm
Appreciate it.. Keep up the good work!!!
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Nov 28, 2014 01:01pm
People are thanking IK because Government would have opt for increaseing their income by charging higher rate of taxes to level the impact of low oil prices internationaly. It is due to fear of out cry by IK on the topic they decided to pass on price reduction benefit to masses and get credit for it before IK start demanding reduction and they might have to reduce on public pressure!
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Nov 28, 2014 01:03pm
Thanks IK for ur stand in front of these crooks who r forced to pass relief to the public.
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Nov 28, 2014 01:24pm
@Patriot. It is due to fall in international prices, not due to any Khan or Mian.
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Nov 28, 2014 02:23pm
PML(N) would not have reduced the prices easily and would adjust the benefits in other sectors on payment of debt etc.But thanks to Imran Khan pressure that people are the direct beneficiaries
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Nov 28, 2014 03:20pm
@Muhammad Tahir Jamali I agree with your stance but do you think the OGRA or Government would have done this swiftly as they are doing now?? In case, when there is an increase in International prices Government respond promptly. I am not the supporter of PTI but can foresee the Government's quick response is just due to the on-going Sit-in (Dharna).
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Nov 29, 2014 12:00am
God Bless Imran Khan. It only happened due to the Dharnas. Otherwise we know how credible this Sharif Government is.....Go nawaz Go,,Go nawaz Go,,Go nawaz Go,,,Go nawaz Go
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Nov 29, 2014 10:35am
@Bilal oil prices dropped further in international market and it has absolutely nothing to do with Nawaz sharif!
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Nov 30, 2014 10:48am
@Patriot hahaha pity, I wish IK's supporters were aware of international affairs.
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