ISLAMABAD - The government Saturday decided to reduce the prices of petrol and diesel by Rs 2.07 and Rs 2 per litre, respectively, for the month of April 2018.

The government further decided to maintain the prices of kerosene oil and LDO at the same level as were in March.

The price of petrol was decreased by Rs 2.07 – from Rs 88.07 to Rs 86 per litre – as per the notification issued by the finance ministry regarding the prices of petroleum products for the month of April. Before the current decrease, the government was continuously increasing the prices of petroleum products, taking the petrol price to Rs 88.07 per litre, the highest level in past three years.

The government reduced the petrol price due to reduction in prices of crude oil in the international market.

The Ogra had proposed increase in the price of diesel by Rs 0.65 per litre, but keeping in view the fact that diesel is primarily used in public transportation, transportation of goods and also in farm equipment, the government decided not to burden the public at large with its higher rates. The Ogra had recommended a higher reduction in the price of petrol, but keeping in mind that in previous months the government had reduced its rate by more than what Ogra had recommended and given the rising price of crude oil in the international market, the government took the decision to reduce the price of petrol by Rs 2.07 per litre. The diesel price came down to Rs 96.45 per litre.

Finally, the prices of kerosene and LDO are being maintained at the level as were in March 2018 although the Ogra had recommended an increase in the rates of both these products. Superior kerosene oil price would remain Rs 76.46 per litre. Similarly, the price of light diesel oil would also remain Rs 65.30.

The new prices shall be effective from April 1 till midnight on April 30.

The oil prices have continuously been increasing for the last one year. The price of petrol was increased from around Rs 71 to Rs 88, diesel rate from around Rs 81 to Rs 98 and superior kerosene oil price from Rs 44 to Rs 76.

Oil prices are likely to increase in the next month due to rupee depreciation against US dollar. The US dollar has reached Rs 115. “Rupee depreciation will affect the prices of oil next month,” said an official of the ministry of finance. He further said impact would be lesser if oil prices remain lower in the international market during April.

 

 

Petrol price cut by Rs 2.07, diesel Rs 2/litre