Minister for Petroleum Shahid Khaqan Abbasi on Monday announced that the federal government was lowering the prices of fuel in the country by as much as Rs3 per litre.
The decision comes after oil prices in the international market dropped to their lowest levels since 2008.
Following Monday’s notification, petrol will now be sold at Rs73.67 per litre; price of diesel has been reduced from Rs85.05 to Rs82.04; HOBC from Rs82.79 to Rs79.79 and kerosene oil from Rs60.11 to Rs57.11 per litre.
Gas prices raised
Meanwhile, the government has raised gas prices for the domestic consumers by 13 per cent.
The price for the first slab of domestic consumers has been increased by 3.8 per cent from Rs106 to Rs110 per Million British Thermal Unit (mmbtu).
Domestic consumers under the second slab will also see an increase in prices by about 3.8 per cent whereas there is a 13 per cent increase for consumers falling in the third slab.
Read: Petrol prices may go down by 3%
However, the power sector will face a relatively higher rise in gas prices by 23 per cent from Rs488 to Rs600 per mmbtu. Undoubtedly this is expected to be passed on to the consumers.
Earlier on July 31, the government decided to allow petrol prices to decline by 1.3%, in what appeared to be an attempt at striking a balance between the need to keep government tax revenues steady and keeping the electorate happy by passing on the effects of lower global oil prices to consumers.
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