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Govt considering reduction of Rs10 per litre in petroleum prices

Govt considering reduction of Rs10 per litre in petroleum prices
July 1, 2020
LAHORE (92 News) – After severe public reaction, it is possibility of relief for general public in petroleum prices and the government is considering a reduction of Rs10 per litre in petroleum prices. According to the sources, the government is debating a reduction in petroleum product prices and expectations are that prices may come down in July by Rs10 for a litre of petrol. The government faced severe criticism following June’s Rs25 price hike. The public reaction has forced the government to rethink and revise petrol prices. On the directions of Prime Minister (PM) Imran Khan, Ministry of Finance is properly working on this matter and is considering a petrol price reduction by reducing the levy or GST on petroleum. According to the sources, a proposal to provide relief to the people through a reduction in the petroleum levy is being considered. The sources also said that the notification of reducing prices will be issued soon. On June 26, the government has increased the petrol price by Rs25.58 to Rs100.10 per liter.  After approval of an increase in the prices of petrol, high-speed diesel has been increased by Rs21.31 and now it will be available at Rs101.46 per liter. Likewise approval has been granted to increase the kerosene oil by Rs23 per liter. After the increase, it will be sold at Rs58.56 per liter. The price of light-speed diesel has been raised by Rs17.84 per liter and now it will be available at Rs55.98 per liter. On the other hand, a majority of petrol pumps were closed after the increase in the POL products prices.