Prime Minister Nawaz Sharif today announced further reduction in domestic prices of various petroleum products in the wake of falling international prices.
Talking to media here, he said that the federal government has decided to cut petrol price by Rs7.99 a litre to Rs70.29.
PM Sharif said that high octane prices have been revised downward by Rs12.82 a litre, kerosene oil by Rs10.48 a litre, high-speed diesel by Rs5.62 and light diesel oil by Rs9.56 a litre.
The prime minister said that the government wanted to reduce petrol price by as much as Rs10 a litre but it decided to increase sales tax on petrol due to huge losses the government was incurring under the head of sales tax.
He said that the government would retain an additional Rs2.76 per litre on petrol, adding it would fetch the government over Rs20 billion.
Revised prices of petroleum products will be effective from February 1.
