And finally, after a series of petrol price hikes, the government has reduced petroleum rates. The global prices of petroleum products have been going down for about a month now. Our government took its time to realise the impact of global prices in our local petrol prices. But we have finally got it!
The government has reduced the petrol and high-speed diesel prices by Rs. 5 and kerosene oil and light diesel oil prices by Rs.7 per litre.
OGRA’s Proposal
The Oil and Gas Regulatory Authority (OGRA) proposed reducing petroleum product prices by Rs. 8 to 10 per litre. OGRA’s recommendation was to reduce the petrol price by Rs. 10.77 and high-speed diesel price by Rs. 7.73.
New Petrol Prices
After the price revision, the new petrol price has become Rs. 140.82 per litre against its old rate of Rs. 145.82.
The new diesel price is Rs.137.62 per litre against the old rate of Rs. 142.62.
The new price of kerosene oil is Rs. 109.53 per litre. The old price was Rs. 116.53.
The new price of light diesel oil is Rs. 107.06 per litre. The old price was Rs. 114.07.
The new prices are now in effect.
Yes, we were all expecting petrol prices to come down by Rs. 11. And the prices have only been reduced by Rs. 5, which is disappointing for the public. But the thing is, the government has to deal with a lot of things while revising the fuel prices. It’s not just the oil import rates that affect the local prices.
There are other factors such as sales tax, petroleum levy, dealer’s commission, and oil marketing companies’ margin. The government has to adjust all these to make the new price chart.
Anyway, the petrol price reduction (no matter how much) is still good news. So, enjoy while it lasts. Good day!
We are always quick to quote other peoples mistakes but do not even realise that what is wrong with our actions. I am of course speaking about people breaking rules and not even recognising that they are wrong in the first place.