Geo Business 1st June

POL prices reduced

Updated at: 0951 PST,  Wednesday, June 01, 2011  ISLAMABAD: The Oil and Gas Regulatory Authority has reduced the price of petrol by Rs1.70 per liter, high speed diesel by Rs3.20 and kerosene oil by Rs5.05 with immediate effect. However, the notification will be issued about the reduction in prices of HOBC, jet fuel and light diesel oil today (Tuesday), as under the deregulated mechanism the prices of the said POL products are still needed to be worked out. However, after petrol becomes deregulated product, according to Ogra spokesman, its cost has reduced by Rs1.70 per liter, otherwise its price was to reduce by Rs0.18 per liter. Under the agreement with Parco, when the petrol will be deregulated the government would withdraw the price differential claim that is extended to Parco. "As a result of deregulation, the price of petrol went down by Rs1.70 per liter." He said now the new price of petrol will stand at Rs86.71 per liter. The price of high speed diesel will stand at Rs94.11 per liter and kerosene oil at Rs84.65 per liter.