Abbasi announces Rs 3 reduction in POL products’ prices

ISLAMABAD:Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi Monday announced Rs 3 reduction in the prices of all petroleum products with effect from September 1.

Addressing a news conference along with Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid, he said the government had reduced the prices of POL products as per directives of the Prime Minister despite the fact that it was still providing Rs 60 billion subsidy in this sector.

In July, he said there was increase in prices of petroleum products in international market but the government did not pass on its affects to the common man as it always believed in extending maximum facilities to the public.

After the revised prices, the minister said petrol would be sold at Rs 73.76, diesel Rs 84.04, HBOC Rs 79.79, Kerosene oil Rs 57.14 and light speed diesel Rs 53.56 per liter.

“Petroleum prices in Pakistan are at the lowest among oil importing countries in the world,” he said adding that India was selling petrol at Rs 100 and Bangladesh at Rs 129 per liter.

Commenting on the revision of prices of natural gas, Abbasi said its price was not increased since January 2013, which as per rules was adjusted after every six months.

Now, he said, the government had revised the gas prices under which domestic consumers using upto 100 cubic meter would pay Rs 110 tariff instead of Rs.106/per mmbtu (Million British Thermal Unit), users of 100 to 300 cubic meter would pay Rs 220/mmbtu and above Rs 600/mmbtu for usage above 300 cubic meters.

While the gas tariff for Cement, Compressed Natural Gas, Commercial, General Industry, Captive Power, Power, Fertilizer – Feedstock (New), Fertilizer -(Old) and Fertilizer (Fuel) would stand at Rs 750 from Rs743/mmbtu, Rs 700 from Rs 600/mmbtu, Rs 700 from Rs 637/mmbtu, Rs600 from Rs 488/mmbtu, Rs600 from Rs 473/mmbtu, Rs600 from Rs 488/mmbtu, Rs 72 from Rs 68/mmbtu, Rs200 from Rs 123/mmbtu and Rs 600 from Rs 488/mmbtu respectively.

Replying to a question about controlling prices of Liquified Petroleum Gas, the minister said a summary had been moved to the Council of Common Interests and per cylinder price, if approved, would be fixed at Rs 900,which varied from Rs 750 to Rs 2,000 during winter in different parts of the country.