Nawaz announces major cut in POL prices
Directs CMs to ensure benefit to masses
Prime Minister Nawaz Sharif has announced another major cut in the prices of petroleum products. He made this announcement at a mammoth public meeting on the occasion of inauguration of Hazara Motorway in Havelian on Saturday.
The price of petrol has been slashed by Rs 9.66 a litre with effect from Monday. The new price of petrol would be 84.53 rupee a litre as against the existing price of 94.19 rupee.
Hi-octane price has been reduced by 10.18 rupee a litre; Kerosene 4.34 rupee a litre; High Speed Diesel 7.12 rupee a litre and Light Speed Diesel 5.39 rupee a litre. New prices of these products would be HiOctane 106.27; HSD 94.9 and Light Speed Diesel 77.98 rupee a litre.
The new prices will take effect from Monday, Dec 1.
The Prime Minister directed the provincial chief ministers to ensure trickle-down effect of reduction in prices of
He said the reduction should be significantly reflected in transport fares and prices of food stuff and other items. He also expressed the confidence that the decision to reduce prices would help farmers as well.
Following the reduction, a notification of which Nawaz said will be issued the next day, the price of petrol will come down to Rs84.53 per litre from Rs94.19.
Nawaz announced a Rs7.12 per litre cut in the price of high speed diesel, which will be reduced to Rs94.09 from Rs101.21, and a cut by Rs10 per litre in the price of HOBC, bringing it down to Rs103 from Rs113.
Ogra had recommended the reduction in POL prices after crude prices have fell to four-year lows in the international market.
According to details, the price of kerosene will be Rs83.51 per litre, down by Rs4.01 per litre from Rs87.52. The price of light diesel oil will be Rs78.42 per litre, down by Rs5 from Rs83.42. The new prices will take effect from Monday, Dec 1.
The decisions, he hoped, would also go well with the few participants of the sit-ins as they opposed any thing positive. The
price slash, he expected, would be translated into decline in the prices of other items.