PM announces further cut in prices petroleum products: Petrol Rs.6.25 down ISLAMABAD, Dec 31 Prime Minister Muhammad Nawaz Sharif Wednesday announced further reduction in the prices of petroleum products, which will be effective from January 1, 2015. Addressing a news conference at the Parliament House, the Prime Minister said that petrol prices were being reduced by 6.25 rupees per liter, HOBC 14.14 rupees per liter, Kerosene oil 11.26 rupees, Light Diesel Oil 10.48 rupees and High Diesel Oil by 7.86 rupees per liter. He said that security issue was top priority of the government, however, other plans were also afoot to give relief to the people, adding that the government was giving a gift of the new year to the people by further reducing prices of petroleum products. The Prime Minister said that after reduction in petroleum products prices since August 1, 2014, the government has given Rs 400 billion benefit to the people. The benefit, he said, had not only been given to motorists but those cultivating their lands through tubewells, transporters, industrialists and the common man was also reaping its benefits. The Prime Minister said the provincial governments should take steps to pass on its benefit to the masses. He said during the last four months (August 1,2014 to January 1,2015) prices of petroleum products had been reduced drastically, adding that during this period price of petrol has been reduced by 29.69 rupees per litre, Kerosene oil 25.13 rupees per litre,High Speed Diesel 23.11 rupees Light Speed Diesel 25.77 rupees and High Octane (HOBC) 42.50 rupees. The Prime Minister said that the government has a revenue loss of Rs. 68 billion due to these steps and by reducing its loss to some extent the government has increased levy on petroleum products by five percent which would recover Rs 17 billion. The Prime Minister said that the government wanted to pass on the benefits to the masses and come up to their expectations. He said that no sales tax had been imposed on furnace oil and its price had been reduced from Rs 79229 per ton to Rs 43015 per ton since September 1, 2014 to January 1, 2015.
Posted on: Wed, 31 Dec 2014 18:05:44 +0000
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