Petrol price cut by Rs 2.73/litre

Petrol price cut by Rs 2.73/litre

ISLAMABAD: The government on Friday decided to maintain the prices of all petroleum products except petrol, whose price was decreased by Rs 2.73 per litre with effect from today (March 1).
While briefing the prime minister Finance Minister Muhammad Ishaq Dar said that if the petroleum prices were maintained at the level of February 1, 2014, except that of petrol, the subsidy to be picked up by Ministry of Finance will be less than a billion rupees for the month of March 2014, said a press release issued on Friday. In order to maintain price stability in the country, the prime minister decided to keep the existing prices. However, the price of petrol was decreased by Rs 2.73 per litre with effect from March 1. 
It must be noted that the Oil and Gas Regulatory Authority had recommended the price of HOBC be increased by Rs 1.31, kerosene by Rs 0.49, high speed diesel by Rs 1.08 and light diesel oil by Rs 0.31. The drop in petrol price has been attributed to lower international oil price. The price of petrol has been fixed at Rs 110 per litre. 

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