ISLAMABAD: The government on Saturday decided to reduce petrol price by Rs1.57 per litre to Rs102.40 per litre, as against its sale at Rs103.97 per litre during the month of October 2020.
The new prices would be applicable from November 1st, 2020, according to a press statement issued by the Finance Ministry here.
Likewise, the price of high-speed diesel has been slashed by Rs0.84 per litre, which would now be sold at Rs103.22 per litre against its sale at Rs104.06 per litre in Oct.
The prices of kerosene oil and light diesel oil will remain unchanged at Rs65.29 per litre and Rs62.86 per litre, respectively, the press statement added.
Slashes !!!!!
I believe the statement ( minor reduction in fuel prices )
Slashes is. Word used when some big deduction is done
Lolz 🤣😂🤣
Oil’s not well when prices swell!
The fuel prices are rising after the immediate aftermath of the pandemic to reach all-time highs of above ₹100/litre. Two main reasons are cited for this rise- rise in international crude oil prices and increase in central and state taxes.
The petrol and diesel prices were deregulated in 2010 and 2014 respectively. Up until this point, retail prices were decided by the state. On the other hand, kerosene and LPG still come under the subsidised area. Despite deregulation, taxation still plays a role in determining prices.
While a fall in crude prices leads to a rise in taxation, the converse may not necessarily take place. The fuel prices in our neighbourhood are also much lower. With travel and commute resuming, the effect of the price rise will likely be witnessed by a significant portion of the population.