The five levy hikes total to Rs 4.02 per litre on petrol and Rs 6.97 on diesel.
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PRIME Minister Nawaz Sharif, on Monday, announced a massive cut in prices of POL products especially the petrol following record reduction in prices of oil in the global market. 48 per litre for petrol and Rs4.
After reduction, petrol will sell at Rs62. 77 per litre from March 1.
A litre of diesel, however, will cost Rs 46.43 a litre as compared to Rs 44.96 per litre, according to Indian Oil Corp (IOC), the nation’s largest fuel retailer.
The prime minister has also directed transporters to reduce fares so that the common man gets the benefit. 66 a litre in the price of kerosene oil has been rejected.
Besides cutting the price of electricity by Rs3 per unit, the prime minister added, the government had also succeeded in reducing load-shedding in the country during the last over two and a half years.
Similarly, prices of HSD, LDO and Hi Octane have also been reduced while recommendation of OGRA for increase in price of Kerosene oil has been rejected.
Petrol and compressed natural gas (CNG) prices have been reduced by remarkable Rs 8 per litre and Rs 7 per kilogram (Kg), Dunya News reported Tuesday.
Despite the deficit or shortfall in revenue, the government gave a priority to the interest of the masses and passed relief on to them, he emphasized.
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He claimed that the federal government had no authority and jurisdiction to fix the petroleum prices in view of the provisions of OGRA Ordinance, 2002 and any policy which was taking away such power, was a violation of the constitution.
