The government has cut down the price of diesel and petrol by Rs 2 each, Finance Minister Asad Umar announced it during a press conference on Friday.
The oil prices are reduced because of the reduction of oil price in International market. The oil price has just hit the lowest level for this year.
Oil prices are revised almost every month by the government. The rate mainly depends upon the price of oil in the international market. Which means that price we pay is actually not really set by the government but International market.
According to the price that people pay on petrol pump the litre of petrol costs Rs 97.83 which includes that General Sales Tax of Rs 4.21 and petrol tax of 6.15.
Although the price fell very sharp in the international market and industry expected a cut of Rs 8 in petrol and Rs 2.5 in diesel but Finance minister during his today’s address said that we bought oil container earlier in the old price so the cut down in price is not very big.
From December 1, you people will pay Rs2 less on a litre of petrol and diesel. Asad Umer has told that for the next month there might be reduction in price of petroleum products because of international market declining prices.