After Prime Minister Imran Khan’s announcement on Monday in his address to the nation, the prices of petroleum products have been reduced on Tuesday.
The premier said that he received a summary from the Oil and Regulatory Authority (OGRA) to increase price by Rs10 per litre keeping in view the price hike in the international market.
“In order to provide relief to the people, I want to announce that instead of increasing the price of petrol and diesel we are reducing it by Rs10 per litre,” he said.
According to a statement issued by the Finance Division, “the global petroleum products’ prices are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel.
“The unprecedented increase is very risky for the domestic fuel prices and inflation,” it said, adding that the situation leaves very few options for the government.
It said that in the fortnightly review, due on February 28, OGRA has recommended Rs10 per litre increase in the petroleum products’ prices.
“The prime minister has not only rejected the increase but also announced to decrease the prices of petroleum products by Rs10 per litre in his address to the nation in order to provide maximum relief to the consumers, despite the limited fiscal space,” the statement read.
The new prices of petroleum products with effect from March 1, 2022 will be as follows: