ISLAMABAD: The government has further reduced petroleum, oil, & lubricants (POL) prices effective from Jan 1.
Prime Minister Nawaz Sharif announced this, while addressing a news conference at the Parliament House. He said that petrol price was being reduced by Rs6.25 per litre, that of HOBC by Rs14.14, kerosene oil Rs11.26, light diesel oil Rs10.48 and high diesel oil by Rs7.86 per litter. He said that security issue was the top priority of the government, however, “other plans” were also afoot to give relief to the people. The prime minister said that after reduction in petroleum products’ prices since August 1, 2014, the government has given Rs400 billion benefit to the people.
The benefit, he said, had not only been given to motorists but those cultivating their lands through tubewells, transporters, industrialists and the common man was also reaping its benefits. The prime minister said the provincial governments should take steps to pass on its benefit to the masses. He said during the last four months (August 1,2014 to January 1,2015) prices of petroleum products had been reduced drastically, adding that during this period price of petrol has been reduced by Rs29.69 per litre, kerosene oil Rs25.13 rupees per litre, high speed diesel Rs23.11, light speed diesel Rs25.77, and high octane (HOBC) Rs42.50.
Prime Minister Nawaz said that the government has faced a revenue loss of Rs68 billion due to these steps, and by reducing its loss to some extent the government has increased levy on petroleum products by five percent, which would recover Rs17 billion. The prime minister said that the government wanted to pass on the benefits to the masses and come up to their expectations. He said that no sales tax had been imposed on furnace oil and its price had been reduced from Rs79,229 per tonne to Rs43,015 per tonne since September 1, 2014 to January 1, 2015.
Prime Minister Nawaz Sharif recalled that in start of December he had announced reduction of Rs2.32 per unit in prices of electricity but the announcement was differed due to Peshawar school tragedy. He said that government has initiated various projects to cope with the issue of shortage of gas and electricity, adding that he never said that the issue of electricity would be resolved in six months. He, however, assured that the issue of gas and electricity would be resolved during his tenure, which would be a great victory of Pakistan.
