Islamabad:
The government on Saturday gave consumers a bit of a respite and cut RS4 per year. Liters of high -speed diesel and RS1 on gasoline when global oil prices took a dip.
The new prices – RS256.13 per Liter for gasoline and RS263.95 per Liters of HSD – take effect from February 16 (today).
The oil and gas regulation authority (OGRA) had recommended a revision of fuel prices based on fluctuations in the international oil market.
HSD, an important fuel for transport and agriculture, is now price for RS263.95 per year. Liter.
The reduction can provide some relief by lowering the cost of bargaining, which potentially facilitates the inflation pressure on raw materials.
Meanwhile, gasoline, primarily used in motorcycles and cars, saw a modest reduction of RS1 per day. Liter, which brought its new award to RS256.13.
It may be noted that gasoline serves as an alternative to compressed natural gas (CNG), especially in Punjab, where CNG stations have either been switched to imported gas or closed over the last few years.
The price of paraphin oil, which was widely used for low -income cooking, especially in northern Pakistan, has been cut by RS3.20 per year. Liter, which brings it to RS171.65.
With a decrease of RS5.25 per Liter is calculated the new price of light diesel oil for RS155.81 per liter. Liter.
The recent reduction in the prices of oil products probably provides much needed relief to consumers in the wake of high inflation.
Local fuel prices are calculated based on state tax imposed, IFEM costs and exchange rate fluctuations.
Data shows that the gasoline premium is currently set to $ 7.75 per Barrel, paid on imported fuel. The oil industry recently imported three vessels with gasoline.
The government is currently charging a petroleum tax of RS60 per Liter on both gasoline and HSD.
Although the tax is intended for the development of the oil sector, including storage infrastructure, the funds are primarily used to meet the government’s current expenses.
