ISLAMABAD: The government has announced to cut petroleum product prices from Rs4.2 to Rs5.6 per litre.

The decision has been made following lowering of petroleum product prices in the international market. The new prices would be effective from 12:00 tonight.

Petrol is being sold at Rs117.83 a litre now and after application of the reduction of Rs4.59 it would be Rs113.24 a litre. High Speed Diesel is currently sold at Rs132.47 and following reduction of Rs5.33 it would be Rs127.14 a litre.

Kerosene oil will now be sold at Rs99.57 a litre after a decrease of Rs4.27 a litre. And, Light Diesel Oil will be available at Rs91.89 a litre after a cut of Rs5.63 a litre.

Also Read: Petrol price has risen by Rs25 a litre since PTI came into power

Federal Minister For Power, Petroleum & Natural Resources Omar Ayub Khan said the Pakistan Tehreek-e-Insaf (PTI) government was passing on the benefits of lower oil prices to the public in the form of lower fuel prices through a proper transparent mechanism.

It is worth-mentioning that at the time the incumbent government was elected, petrol price was Rs92 a liter, while today it stands at record high Rs117.83 a liter. Within one year, petrol price has shot up by Rs25 a litre in bits and pieces. The prices of petroleum products were raised six times, slashed four times and maintained twice in last twelve months.

After PTI was elected to make government, it announced to cut petrol price in August. In November, the government for the first time increased petrol price by Rs5, then petrol price was trimmed by Rs3 to Rs5 in December 2018 and January and February this year. After that, it went on the spree of raising petrol prices from March 2019.

Petrol price jumped by Rs6.45 in April. It was raised by Rs9.42 in May and then in June it underwent another rise, by Rs4.26.

The federal government on Wednesday increased the price of petrol for August, on recommendations of the Oil and Gas Regulatory Authority (Ogra). In the latest development, the government increased the price of petrol by Rs5.15 per litre.

People have become furious over incessant ascending prices and have reprimanded the government over it.

It may also be noted that in May the government had floated the idea of using low-grade petrol, 82 Ron, for motorcycle. This quality of petrol was used three decades ago in the country. Two years ago, the previous government had upgraded it from 87 Ron to 92 Ron to meet the international standards.