Petrol price expected to be slashed by Rs 10 per litre

ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.

According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.

Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.

Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.

The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps.