Daily Times

ISLAMABAD: The government has decided to cut prices of petroleum products, for the first time in its three months tenure, citing sources.

The Petroleum levy, imposed by the government, will likely remain in place. The levy on petroleum has been Rs. 10 per liter, while high-speed diesel, kerosene oil, and light diesel carry five rupees per liter levy.

According to sources, the price of petroleum will likely be slashed by eight rupees and diesel price by 20 rupees per liter. Moreover, kerosene oil prices are likely to be slashed by Rs 21 and 11 per liter respectively.

The coalition government led by the PML-N has enhanced the price of petroleum by 66 to 95 percent in its brief tenure.

The government has made a per liter hike of 99 rupees in petrol price, while diesel price has been enhanced by 132 rupees per liter, kerosene oil Rs. 111 per liter and light diesel by 100 rupees per liter.

Prime Minister Shehbaz Sharif yesterday sought a summary from finance and petroleum ministries for a reduction in the price of petroleum products after global crude oil rates went down.

Taking to Twitter, the prime minister said that he had ordered the ministries of petroleum and finance to pass on the reduction in the prices of petroleum products in the international market to people.

“I have ordered Ministries of Petroleum & Finance to pass on the reduction in the prices of POL products in the international market to people. They have faced economic difficulties and relief is their right. With Allah’s grace, we will continue to bring ease to their lives,” the premier tweeted.

According to Information Minister Marriyum Aurangzeb, the decision to reduce fuel prices was made in a meeting on Tuesday with PM Shehbaz Sharif in the chair.

Chairing a meeting, the premier said the government would pass on the full benefit to the consumers who had been sacrificing owing to the rise in petroleum prices.

He told the meeting that the government would reduce the oil prices transparently at par with the reduction in the international market.