Govt slashes petrol price by Rs4.86 per liter

The government on Monday has reduced petroleum product prices for the month of January 2019.

According to notification issued on Monday, petrol price has been slashed by Rs4.86 per litre, whereas the price of High Speed Diesel has also been decreased by Rs 4.26 per litre.

The prices of kerosene oil and light diesel oil has also been reduced by Rs52 paisas and Rs2.16 respectively.

So the new price of HSD will be Rs106.68 per liter, SKO Rs82.98 per liter and LDO Rs75.28 per liter.

The new price of petrol will be Rs90.97 per liter.

On Friday, Oil & Gas Regulatory Authority (OGRA) had submitted a summary to the petroleum division recommending that the petrol prices should be decreased by at least Rs9.50 per liter starting from January 1, 2019.

According to OGRA sources, the regulatory authority had forwarded a summary to the petroleum division suggesting a cut of at least Rs9.50 in the oil prices.

The summary had also referred to other petroleum products whose prices should be decreased under monthly readjustment formula.

It was recommended that the rate of high speed diesel be decreased by Rs15 per liter and kerosene oil Rs25 paisa per liter, while the rate of light diesel price proposed to be decreased by Rs2 per liter.

OGRA had submitted details of the proposed summary to the petroleum division and subsequently the decision over new prices will be taken after approval of the prime minister.

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