KARACHI: The government is further reducing prices of petroleum products from Rs8.5 per litre to Rs14 per litre from February 1, 2015.
Official sources in Petroleum Ministry revealed, adding that Pakistan State Oil (PSO) is being given Rs40 billion by the federal government for opening a Letter of Credit (LC) to import furnace oil and other petroleum products. “Four ships carrying furnace oil will dock at Karachi Port in a week,” they added.
The price of petrol is expected to be slashed by Rs10 per litre, High Speed Diesel by Rs8.50 per litre, Light Diesel by Rs11 per litre, HOBC by Rs14 per litre, and Kerosene by Rs12 per litre. Global crude oil prices have witnessed a reduction of 50 percent since June 2014, and to provide consistent relief to local consumers, the government has reduced the price of petrol by Rs 29 since the last four months and brought down the price of diesel by Rs 23 in the same time-frame.
