ISLAMABAD - Seeing no other option, the government has finally bowed down ‘slightly’ to the demands of overburdened masses by officially approving Rs 2.32 per litre reduction in petrol price, while kerosene oil and high-speed diesel prices have been also slashed somewhat.

The Ministry of Petroleum and Natural Resources has issued a notification for cutting the prices of three petroleum products, which says the price of petrol has been reduced by Rs 2.32 per litre, Kerosene oil by Rs 1.74 and high speed diesel (HSD) by Rs 1.16 per litre. In this way, the petrol price has come down to Rs 103.68 per litre, kerosene oil to Rs 100.19 and high-speed diesel at Rs. 107.16 per litre.

The reduction in petroleum products prices, announced on Tuesday, will be implemented from April 5, says the government notification.

Since, the hike in the POL prices, the PPP led government was under severe pressure from the allied and opposition parties along with strike threats by traders and transporters across the country, as they demanded reversal of the increase.

It is likely that this meagre cut in prices will hardly satisfy anyone and the government would have to face strong public criticism and pressure in streets until the price hike is completely not reversed or reduced further.

In the beginning of April, the Ogra issued a notification with an increase of Rs 8.02 per litre in petrol price, which jacked it up from Rs 97.66 to Rs 105.68, per litre, while the price of high speed diesel was raised from Rs 103.46 to Rs 108.16, and kerosene oil from Rs 96.40 to Rs 101.69 per litre. Moreover, price of the high-octane blending component (HOBC) was raised from Rs 126.87 to Rs 135.81 - an increase of Rs8.94.

The All Pakistan CNG Association (APCNGA) had also earlier warned the government of a countrywide protest if it did not withdraw the surge in the CNG prices.