Govt cuts POL prices, hikes gas

ISLAMABAD – The government on Monday announced a reduction in the prices of all petroleum products with effect from today (September 1) and increased the price of gas.

Addressing a news conference, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said the government had reduced the prices of POL products as per directives of Prime Minister Nawaz Sharif despite the fact that it was still providing Rs 60 billion subsidy to this sector. In July, he said there was an increase in prices of petroleum products in the international market but the government did not pass on its effects to the common man. After the revision in prices, petrol would be sold for Rs 73.76 per litre, diesel Rs 84.04, HBOC Rs 79.79, kerosene oil Rs 57.14 and light speed diesel at Rs 53.56 per litre.

“Petroleum prices in Pakistan are at the lowest among oil-importing countries in the world,” Abbasi said, adding that India was selling petrol at Rs 100 and Bangladesh at Rs 129 per litre. Commenting on the revision of prices of natural gas, Abbasi said its price was not increased since January 2013. Now, he said, the government has revised the gas prices under which domestic consumers using up to 100 cubic meter would pay Rs 110 tariff instead of Rs.106/per mmbtu, those using 100 to 300 cubic meter would pay Rs 220/mmbtu and above Rs 600/mmbtu for usage above 300 cubic meters.

However, the power sector will face a relatively higher rise in gas prices by 23 percent from Rs 488 to Rs 600 per mmbtu.

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