Govt reduces petrol, diesel prices by Rs5 per litre

Published December 15, 2021
People gather to get fuel at a petrol station, after Pakistan Petroleum Dealers Association (PPDA) announced a countrywide strike, in Karachi, on November 24. — Reuters/File
People gather to get fuel at a petrol station, after Pakistan Petroleum Dealers Association (PPDA) announced a countrywide strike, in Karachi, on November 24. — Reuters/File

The government slashed the prices of petrol and high speed diesel by Rs5 per litre on Wednesday in an effort to provide relief to the people.

Shortly before the announcement was made, Special Assistant to the Prime Minister for Political Communication Dr Shahbaz Gill had taken to Twitter to say that the public would soon receive "good news" about petrol prices.

According to a handout issued by the Finance Division, the government decided to revise existing prices "in view of the declining price trend of petroleum products in global market[s] and [to] transform the impact to the masses".

The new prices will be effective from Dec 16 (Thursday).

According to the notification, the new price of petrol is Rs140.82 per litre while high speed diesel will sell for Rs137.62 down from Rs145.82 and Rs142.62, respectively.

Meanwhile, the prices of kerosene and light diesel oil (LDO) were decreased by Rs7 and Rs7.01 per litre, respectively. The new price of kerosene is Rs109.53 per litre and that of LDO is Rs107.06 per litre.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had recommended reducing the prices of petroleum products by up to Rs10. The regulator had calculated Rs10.30 and Rs8.65 per litre reduction in the ex-depot prices of petrol and high-speed diesel, respectively.

The government has been facing severe criticism from the opposition, particularly after the premier approved a Rs10 increase in the price of petrol during the month of October. Major opposition parties, including the PML-N and the PPP, have held country-wide rallies and protests over what they term "unprecedented inflation in the country".

Inflation during the month of November soared to 11.5 per cent from 9.2pc, the highest increase noted in the past 20 months after a record hike in fuel prices.

On November 5, the government had increased the price of petrol and high speed diesel by Rs8.03 and Rs8.14 per litre, respectively. This was the first time in the country’s history that the prices of all petroleum products were above Rs110 per litre.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...