Prime Minister Imran Khan has announced a Rs. 10 per liter reduction in petrol prices and diesel too.
During his speech to the nation about the country’s economic situation and global challenges in the aftermath of Russia’s invasion of Ukraine, he made the announcement. He stated that there would be no price increases in petrol or electricity until the next budget.
The price drop was announced on Twitter by the Pakistan Tehreek-e-Insaf’s official account. It stated, “Prime Minister Imran Khan, during his address to the nation, announces to slash petrol prices by Rs. 10/liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months”.
The Prime Minister said,” I received a summary from the Oil and Gas Regulatory Authority (OGRA) and they recommended increasing the prices of petrol and diesel by Rs10 due to the rise in the price in global markets. So today I want to tell everyone the good news that, instead of increasing it, we will decrease petrol and diesel prices by Rs.10″.
It should be noted that the Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to increase petrol prices by Rs. 9.59 per liter for the next fortnight, beginning on 1 March, in response to soaring international prices following Russia’s invasion of Ukraine.
According to the OGRA’s fortnightly update, the following petroleum prices have been revised:
| Product | Existing Prices w.e.f. 16-02-2022 | New Prices w.e.f. 01-03-2022 | Increase (+) / Decrease (-) |
| Petrol | 159.86 | 149.86 | -10.00 |
| High Speed Diesel (HSD) | 154.15 | 144.15 | -10.00 |
| Kerosene Oil (SKO) | 126.56 | 125.56 | -1.00 |
| Light Diesel Oil | 123.97 | 118.31 | -5..66 |
Petrol prices have been reduced from Rs. 159.86 per liter to Rs. 149.86 per liter. Similarly, the price of high-speed diesel has been reduced to Rs. 144.15 per liter, down from Rs. 154.15 per liter previously.
The price of light diesel oil has dropped to Rs. 118.31 per liter, and the price of kerosene has dropped from Rs. 126.56 per liter to Rs. 125.56 per liter.
The Prime Minister went on to explain how electricity was produced using imported fuel, causing prices to skyrocket. He expressed regret for previous governments’ failure to build dams, claiming that the current administration is building ten dams to protect the country from global price volatility. ““We’ve also decided to slash the cost of power by Rs. 5 per unit. This translates to a 20-25 percent reduction in your electricity bills.”
To read our blog on “Govt. announced a record-breaking hike in petrol prices,” click here.
