Govt reduces petrol prices by Rs 4.86 per litre on New Year’s Eve
ISLAMABAD (92 News) – The federal government on Monday reduced petroleum prices for the next month.
As per details, the government gave the gift to the general public on New Year’s Eve. The prices of petrol and diesel have been reduced by 4.86 and 4.26 rupees per litre respectively.
The prices of kerosene have been decreased by 0.52 while the rate of Light Diesel Oil has been reduced by 2.16 rupees per liter.
The new prices of petrol will be 90.97 rupees per liter, Hi-Speed Diesel 106.68 rupees, Kerosene Oil 82.98 rupees while the price of Light Diesel Oil will be 75.28 rupees per liter.
The petrol prices have been reduced by Rs4.86 per litre, setting the price at Rs90.97 per litre. The new prices will take effect from midnight.
Earlier, the Oil and Gas Regulatory Authority (Ogra) recommended a reduction in the prices of petroleum products by up to 13.5 per cent for the month of January 2019.
Experts believed higher US supplies would flood the market. At the same time slowing down global growth would cut into the demand. Saudi Arabia and Russia have also produced oil at record rate.
On December 7, 2018, the Orgnaisation of the Petroleum Exporting Countries (OPEC) agreed to cut 1.2 million barrels per day from the October levels.
Members would cut 800,000 barrels per day and allies would cut 400,000 bpd. Cuts would continue for six months. OPEC’s goal is to take back prices to $70 a barrel by early fall 2019. The price drop occurred just two months after global oil prices hit a four-year high of $81.20/b on September 24, 2018.