Islamabad:
On Wednesday, the federal government reduced the price of petroleum products by RS2 per liter for the next fortnight. The new prices will be applicable from May 1.
According to a notification issued by the Finance Department, the government has decided to revise the prices of petroleum products for the coming fifteen, on the basis of the recommendations of OGRA and the ministries concerned.
According to the notification, the gasoline will be sold to RS252.63 per liter after the reduction of RS2 per liter. Likewise, high -speed diesel (HSD) will be exchanged at RS256.64 per liter with the drop in RS2 per liter.
Before the revision, gasoline was sold to Rs254,63 per liter and the HSD to RS258.64 per liter. The notification of the finance division did not mention the price of kerosene oil and light diesel oil.
Interestingly, the government has maintained oil prices unchanged for the last fortnight despite a major price drop in the international market. Consumers expected approximately RS8 per liter, but the government has attenuated their hopes and decided to finance Balcohistan development projects with the oil product.
In mid-April, a presidential order was issued, which allowed the federal government to increase the oil development tax (PDL) on unlimited oil products and removed the maximum ceiling which had capped it at RS70 per liter.
The order has abolished the fifth calendar for the debit on petroleum products, which authorized the government to impose any tax anyway. The ordinance occurred when the government increased the PDL on petroleum products, instead of reducing oil prices after reducing the world market.
High -speed diesel is widely used in the transport and agriculture sectors. Consequently, the fluctuation of its price also contributes to inflation in the country.
Essence is used in motorcycles and bikes and its request had increased mainly due to the use of gas imported at GNC stations in the province of Punjab.
